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Alternative Market Briefing

BitSpread, a market maker for cryptocurrency

Friday, October 27, 2017

Bailey McCann, Opalesque New York:

As the debate rages over the value and legitimacy of digital currencies, some firms are stepping in to institutionalize the market. London-based BitSpread has launched two strategies to support the growing ecosystems of digital currency exchanges.

BitSpread acts like a market maker of sorts. The firm works with exchanges that trade blockchain assets, vetting both the exchange providers and traders. For those that make it onto BitSpread's trusted partner list, the firm's technology can create notional value for the exchanges - providing liquidity and supporting risk management.

BitSpread was launched in 2014 by Cedric Jeanson, who was previously COO at Nomura.

"Our goal is to be a trusted bridge between the trader and the exchanges," Jeanson says in an interview with Opalesque. "We started in this space early and we have built a reputation for being able to identify who is credible and who isn't."

BitSpread runs two funds that trade the spreads within the cryptocurrency market. The flagship strategy is a market neutral liquidity strategy that uses cross-market arbitrage, carry arbitrage, lending and borrowing to generate a return for the fund while remaining neutral to swings in blockchain assets. The fund launched in June of 2014 and is up 78.83% year-to-date through September.

"Investors like the strategy because they can participate in blockchain assets, but they are insulated a bit from some of the vo......................

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