On April 19, 2019, Blockstream has successfully closed the peering deal to buy a Bitcoin forward contract from Crypto Garage. The latter announced it on Twitter.
.@CryptoGarageInc developed and executed a smart contract of P2P derivatives with @Blockstream, based on Discreet Log Contract @tdryja. BTC-settled Range Forward. Oracle uses data from @ICEDataServices #CryptoFeed. #Bitcoin based P2P derivatives. https://t.co/8m45uGCd0K
— Crypto Garage, Inc. (@CryptoGarageInc) 19 апреля 2019 г.
April 9, the company signed a contract for buying and selling of forward. According to the stipulated conditions, each of the participants declared collateral in the amount of 0,16 BTC, the course of the crypto index of the New York Stock Exchange Intercontinental Exchange (ICE) was taken as a basis, and the term of the contract was set for April 16. At that moment, the BTC purchase price was $5032.
According to representatives of Blockstream, they managed to close the contract in the black and earn on it about $230.
If the results of testing are successful, Blockstream intends to create a platform specializing in crypto derivatives trading in a decentralized environment. Currently, Bitcoin futures trading operations are conducted under the control of centralized platforms, such as CME. But Blockstream and Crypto Garage managed to prove that the blockchain technology does not need the participation of third parties.
This is not the first company effort to improve crypto space. Since January, the companies have been cooperating as part of a project to launch a stablecoin tied to the Japanese yen, and now also in the implementation of peering transactions in crypto derivatives.
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