June 22 (Cointime) - QCP Capital and SBI Alpha Trading have completed the first-ever crypto options trade without a clearing house. The trade was executed on Clear Market, a UK-based regulated electronic marketplace, and used bitcoin as collateral. Zodia Custody acted as a custodian for collateral, while Corda Network played a role in risk management.
The trade used a multi-custodian collateral network to ensure assets held in custody remain separate from the custodian's assets, and the parties introduced a feature allowing real-time bolstering of collateral by periodic payments through the blockchain while protecting the collateral from loss in case of counterparty bankruptcy.
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