BLOCKCHAIN
BLOCKCHAIN
BLOCKCHAIN
Xena Exchange launches first-ever Telegram GRAM crypto derivatives
Up-and-coming digital assets trading provider Xena Financial Systems UK Ltd. Tuesday entered the derivatives market with the first-ever leveraged cryptocurrency-settled derivative contract for the GRAM token.
The GRAM token is the cryptocurrency backed by secure messaging app provider Telegram Messenger LLC, which raised $1.7 billion privately in May.
The fundraising was so successful that Telegram canceled plans to offer the tokens in a public initial coin offering and since that time the tokens have not been publicly traded.
Xena’s derivative contracts on the GRAM token do not make the tokens tradable but give those who were unable to buy the tokens the ability to earn dividends on potential future exchange-rate hikes. At the same time, GRAM holders can hedge their investments against possible exchange-rate drops.
“This is a significant step for the entire crypto market, considering the importance of the GRAM token and its potential value as an asset for derivative contracts trading,” Anton Kravchenko, chief executive officer of the Xena Exchange, said in a statement. “This is the first time on the cryptocurrency market where contracts have been used not only to speculate on the rate changes but also to hedge the risks.”
A spokesperson for the company told SiliconANGLE that “XENA is a derivative contracts and cryptocurrencies exchange from investment banking professionals from JP Morgan, Deutsche Bank etc. built to meet the demands of traders and analysts all over the world.”
Although strongly backed, GRAM and the related Telegram blockchain on which the tokens are meant to used have been fairly quiet over the last nine months.
Telegram said at the time of the fundraising that it intended to use the $1.7 billion to build a “third-generation” blockchain named TON that will use the GRAM token as its native cryptocurrency for transactions.
Image: Xena Exchange
Since you’re here …
… We’d like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content.
If you like the reporting, video interviews and other ad-free content here, please take a moment to check out a sample of the video content supported by our sponsors, tweet your support, and keep coming back to SiliconANGLE.
