Over 20 crypto heavyweights put heads together to plan institutional uptake; clearinghouse initiative set for July

Two dozen key players from the likes of Circle, Coinbase and Galaxy Digital came together for a major brainstorming effort on how to make crypto “part of the world’s financial architecture” in mid-January, Bloomberg reports.

Those present at the Singapore Sofitel resort meeting say the framework designed to get crypto accepted institutionally could pave the way for its eventual adoption. Most importantly, the roundtable is believed to have formed a venture called Liquidity Offset Network, “the first clearinghouse for crypto derivatives to increase trading volume and dramatically reduce trading costs,” Bloomberg said. The former head of foreign-exchange options trading for Asia at Standard Chartered, Simon Nursey, is helping finance the network and said it should be live with regulatory approval as early as July.

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