🏝️ [Analysis] Crypto’s long road to acceptance may have started here - Alastair Marsh

As the crypto market melted in Dec. 2018, market movers and traders from top crypto firms like Mike Novogratz’s Galaxy Digital Holdings, Circle, Binance, and Coinbase met in Singapore to discuss the foundations for a crypto derivatives framework. Noting the negative connotations crypto held in the legacy system, the traders understood the need for streamlined and orderly systems to take crypto mainstream. Of chief discussion was over-the-counter (OTC) trade desks and the development of a crypto derivative clearinghouse that would both increase trading volumes while radically lowering trading costs. The Liquidity Offset Network, a clearinghouse claimed to be opening in July 2019, was the Singapore meeting's baby. With the new clearinghouse, traders could finally eliminate the need for posting collateral on trades with counterparties, opening up the market significantly. As the author puts it, the road still has bends to pass, but the Singapore team put crypto derivatives further on the road to success.