Crypto Startup Chases a Cure for Hacks, Breakdowns and Stolen Funds
- Sunil Hirani’s TrueDigital has deal for key Ether rate
- Company also plans non-deliverable forwards for Bitcoin
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A cryptocurrency startup backed by a credit-default swaps pioneer just took two big steps toward bringing new derivatives contracts to Ether and Bitcoin.
TrueDigital, an exchange created by Sunil Hirani, has partnered with ConsenSys to create a reference rate for Ether, the companies said in a statement Monday. Such benchmarks are a crucial step because they supply the price reference traders use to calculate the value of derivatives, such as the ones TrueDigital wants to introduce for Ether, the second-biggest cryptocurrency.