Financial services firm StoneX Group (NASDAQ:SNEX) on Tuesday has executed and settled its first cash-settled bitcoin (BTC-USD)-U.S. dollar swap. Liquidity Solutions Global, one of StoneX's (SNEX) institutional foreign exchange clients, was the counterparty to the swap trade. Cash-settled swaps ultimately "allow our clients to access the market movement of underlying digital assets without taking physical custody," said Eric Donovan, global head of Institutional FX. "Many regulated institutions are looking to the swaps market as a cost-effective way to gain access to crypto price exposure without the regulatory burden, cost, and additional risks traditionally associated with spot crypto ownership," he added. The move comes as a slew of traditional finance ("TradFi") firms further embrace the decentralized space. Goldman Sachs (GS) and Galaxy Digital (OTCPK:BRPHF) in March had executed an over-the-counter crypto trade. See how StoneX fared during fiscal Q2.
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