The offering will act as a neutral trading platform, and leverages 360T’s infrastructure to provide clients with efficient access to liquidity from multiple providers. 

The exchange will also offer crypto spot trading, powered by 360T’s SuperSonic product suite, and will feature streaming prices tailored to the client while also engaging with selected counterparties.  

The firm has said that the new exchange is designed to pave the way for institutional crypto spot trading, and is set to operate across the EU, as an institutional-only, MiCA (Markets in Crypto Assets Regulation) regulated trading platform.  

3DX will be led by Carlo Kölzer, founder and chief executive of 360T and head of foreign exchange and digital assets of Deutsche Börse Group, which acquired the platform in July 2015. 

He said: “Not only does the launch of 3DX demonstrate Deutsche Börse Group’s broader commitment to be a leader in the digital assets space. 

“It represents a significant milestone in 360T’s history as a global marketplace that aims to grow as a trusted partner in the evolving crypto landscape and in line with the increasing interests from our clients.” 

The platform will be accessible through GUI or API, and clients will still be able to use crypto NDFs as RFS through 360T bridge and via their automated workflows through 360T EMS.  

The digital exchange will initially support bilateral settlement with plans to adopt differing post-trade models to support clients with risk management in the future.  

Read more – 360T strikes deal to host new Quantitative Brokers FX algo suite 

Recent developments by 360T have seen the platform driving to expand its foreign exchange offering alongside its crypto business. In January 2024, the firm went live with its UK-based multilateral trading facility, 360T UK MTF, to offer trading in all foreign exchange financial instruments except spot FX. 

The platform also collaborated with execution algorithms and analytics provider Quantitative Brokers to launch a new set of FX algos in February 2025.  

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The expansion follows recent regulatory approval, and forms part of the clearinghouse’s push to become one of Europe’s leading multi-asset class central counterparty clearinghouses (CCPs).  

Cboe Clear Europe has said that ETPs set to be eligible for clearing will be subjected to specific criteria based on market capitalisation, as well as underlying asset availability and product types.  

Bitcoin, Ethereum, Tether, XRP and BNB are among the product types set to be included in the offering. 

“We are excited to broaden our clearing capabilities to encompass crypto-backed ETPs, marking another milestone in our mission to become a leading multi-asset class CCP in Europe,” said Vikesh Patel, president of Cboe Clear Europe.  

“As an organisation deeply committed to innovation and collaboration with clients to address their needs, we’re looking forward to enhancing the ability of investors to access to this evolving asset class through a highly regulated, trusted and proven market structure framework.” 

The clearinghouse has now said that it will take steps to begin working with the venues that list the eligible products.  

Read more – Cboe Clear Europe begins clearing of European Securities Financing Transactions 

Expansion of clearing services to cover a variety of assets has been a focus for Cboe Clear Europe in recent months. In March 2025, the clearinghouse announced that it had begun clearing of European Securities Financing Transactions (SFTs) in cash equities.  

The service was the first-of-its-kind to be offered and is expected to transform the bilateral process for SFTs for these asset classes into a centrally cleared model.  

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Giovanni Vicioso

The move is expected to provide market participants with greater choice, with options between trading both a micro-sized contract (2,500 XRP) and a larger-sized contract (50,000 XRP). 

Launch is scheduled for 19 May 2025, pending regulatory approval, and follows increased demand for regulated digital asset derivatives within the industry.   

Giovanni Vicioso, global head of cryptocurrency products at CME Group said: “Interest in XRP and its underlying ledger (XRPL) has steadily increased as institutional and retail adoption for the network grows, and we are pleased to launch these new futures contracts to provide a capital-efficient toolset to support clients’ investment and hedging strategies.” 

Read more – CME Group to launch Solana futures in March 

The XRP futures will be cash-settled and based on the CME CF XRP-Dollar Reference Rate, which serves as a once-a-day reference rate of the US XRP dollar price, calculated at 16:00 GMT daily.  

The new XRP futures will join the company’s crypto product suite containing bitcoin and ether futures and options and follows the development of CME’s Solana (SOL) futures, of which 43,000 have been traded since the product was launched on 17 March 2025.  

XRP futures are also set to be brought to Robinhood, in a push to expand retail access to futures trading.  

JB Mackenzie, vice president and general manager of futures and international at Robinhood said: “Our customers have shown a deep interest in digital assets, and they will soon be able to access an even wider variety of crypto futures to complement Robinhood’s existing spot crypto offerings.” 

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One Trading has unveiled a new regulated perpetual trading venue, increasing the European crypto-assert exchange’s accessibility to both institutional and eligible retail clients.  

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Brad Garlinghouse

The transaction is expected to close in the coming months and is subject to regulatory approvals.

Through the move, Ripple has become the first crypto business to own and operate a global multi-asset prime broker.

The acquisition marks one of the largest in the digital assets world, with Ripple is set to “inject billions of dollars of capital” as it looks to scale Hidden Road to “satisfy demand” for the firm’s brokerage, clearing and financing platform.

Specifically, Hidden Road’s offering is focused on a one-stop-shop service across FX, digital assets, derivatives, swaps, and fixed income. 

“We are at an inflection point for the next phase of digital asset adoption – the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” said Brad Garlinghouse, chief executive of Ripple.

“With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our position and the strengths of XRP to accelerate our business and enhance our current solutions and technology.”

Addressing the motivation behind the move, the businesses flagged the importance of the digital assets space having the right core infrastructure in place in order to achieve the next phase of growth – that is to say, for institutional adoption.

Ripple pointed to the fact that brokers “bring the necessary credibility and professional trading services expected in legacy finance to digital assets,” working to bridge traditional and decentralised finance.

Read more: Digital assets and traditional finance: Can two parallel lanes converge?

Following the acquisition, Hidden Road is set to migrate its post-trade activity across XRPL. In addition, Ripple will offer its cross-border payments solution, Ripple Payments, and provide custody services to Hidden Road’s customers.

Marc Asch, founder and chief executive of Hidden Road, explained: “With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business, allowing us to increase capacity to our customer base, expand into new products, and service more markets and asset classes. 

“Together with Ripple, we’re bringing the same level of trust and reliability that institutional clients are accustomed to in traditional markets — designed and optimised for a digital world.” 

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The global fintech has said that its Digital Assets Solutions will address the growing demand for disclosure and governance solutions for cryptocurrency and tokenised assets.

Broadridge claims the solutions will bolster investment democratisation, by ensuring regulatory compliance while enhancing investor education.

“Broadridge’s new Digital Asset Solutions will enable investors to better access, understand, and monitor these digital assets across the full range of intermediaries and exchanges offering these products,” said co-president of Broadridge’s investor communication solutions business, Mike Tae.

“We have drawn on our deep expertise in helping tens of millions of main street investors better understand their equity and fund investments to develop solutions that will bring similar transparency to digital assets.”

A crypto asset disclosure survey carried out by Broadridge found that investors need better access to basic information in the crypto and digital assets space, which can often be difficult to reach due to being both on-and off-chain.

In October 2024 the company launched Broadridge ClearFi as a component of Broadridge Digital Asset Solutions, designed to help investors and advisers access, understand and monitor their digital asset investments more quickly and efficiently.

The company also claims that the solution can evaluate digital assets by consolidating data taken from hundreds of trusted sources to increase transparency and investor education.

Aviad Stein, head of Digital Asset Solutions at Broadridge said: “Broadridge Digital Asset Solutions bridges the gap between traditional finance (TradFi) and decentralised finance (DeFi) offering services designed for cryptocurrency exchanges, traditional broker/dealers, wealth managers, digital asset custodians, and investors.”

“We are empowering financial institutions to innovate and grow while providing investors with the necessary tools to make informed decisions in an increasingly complex market.”

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Terry Duffy

The established partnership is piloting solutions for the seamless and secure wholesale payments and tokenisation of assets, with direct testing with market participants planned for later this year. 

Speaking about the need to fortify in the face of imminent round-the-clock trading, Terry Duffy, chair and chief executive of CME Group, said: “Google Cloud Universal Ledger has the potential to deliver significant efficiencies for collateral, margin, settlement and fee payments as the world moves toward 24/7 trading.” 

CME confirmed that the firm has already successfully completed the first phase of integration and testing of GCUL.

The move follows instructions from the new US administration which “encouraged congress to create landmark legislation for common-sense market structure,” explained Duffy. 

“We are pleased to partner with Google Cloud to enable innovative solutions for low-cost, digital transfer of value.” 

GCUL aims to simplify the management of accounts and assets through facilitating transfers on a both private and permissioned network. 

Read more: As cloud adoption across the market continues to rise, is the shift of liquidity itself next to follow? 

Rohit Bhat, general manager, financial services at Google Cloud, said: “Our core mission is to provide our partners with the most advanced infrastructure, empowering them to accelerate innovation, drive efficiencies, and overcome the complexities inherent in today’s financial systems.” 

Read more: Fireside Friday with… Google’s Rohit Bhat

CME Group and Google Cloud are expected to launch the new services in 2026, following the direct testing with market participants.

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Coinhako will join as a trading counterpart, offering and accessing liquidity on the exchange.  

“As institutional investors increasingly seek portfolio diversification through cryptoassets, the requirement for platforms capable of handling increased order sizes in the wholesale market becomes paramount,” said Kelvin See, head of trading at Coinhako.  

“For sophisticated investors and trading firms, liquidity, transparency and price slippage are crucial considerations, and this partnership will cater to those needs and will help drive further adoption.” 

As part of the development, Coinhako’s trading and liquidity solutions will be integrated with Fusion Digital Assets, helping facilitate risk exchange and increase liquidity in response to the growing demand of the wholesale market. 

Read more: FalconX integrates with TP ICAP’s Fusion Digital Assets 

Simon Forster, managing director at TP ICAP Digital Assets, explained that 2024 was a “watershed moment” for the cryptoasset class, asserting that it was “the year that the wholesale market truly began to take permanent shape”. 

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Giovanni Vicioso

The launch – which represents be the first CME Group cryptocurrency options to be financially settled – is subject to regulatory approval. 

Giovanni Vicioso, CME Group global head of cryptocurrency products, said: “We are pleased to offer these new options that provide traders with even greater precision to manage short-term bitcoin price risk.

“Building on the success of our Bitcoin Friday futures, the smaller size of these contracts, along with daily expiries, offer market participants a capital-efficient toolset to effectively adjust their bitcoin exposure.”

These financially settled options complement CME Group’s existing suite of physically settled options on bitcoin, ether, micro bitcoin and micro ether futures, according to the firm.

To date, bitcoin Friday futures are CME Group’s most successful cryptocurrency product launch, with more than 775,000 contracts traded since launch and an average daily volume of 9,700 contracts.

“As a major liquidity provider in the digital asset derivatives space, we see CME Group’s introduction of options on bitcoin Friday futures as a timely, important addition to the market,” said Jason Urban, global head of trading at Galaxy.

“These contracts offer a flexible and cost-effective way for our trading desk to optimise risk management and provide tailored solutions to our counterparties navigating bitcoin price volatility.”

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The initiative will “draw from talented staff across the agency,” and specifically work for the development of the asset class, helping the Commission to “draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously”. 

The initiative has been introduced by Mark Uyeda who was appointed acting SEC chair earlier this week by the new US administration, while commissioner Hester Peirce will lead the task force. 

The key factor is set to be clarity around who should register and, importantly, how. As part of the crypto task force, the SEC is set to hold roundtables for market participants.

“This undertaking will take time, patience, and much hard work. It will succeed only if the task force has input from a wide range of investors, industry participants, academics, and other interested parties,” said Peirce. 

“We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation.”

Read more:  Gensler alludes to departure from SEC 

Mark Uyeda was appointed acting chair of the SEC on 21 January by the new US administration. Speaking about his temporary role, he highlighted the important role the position plays in “promoting innovation, jobs creation, and the American Dream”. 

He added: “I am honoured to serve in this capacity after serving as a Commissioner since 2022, and a member of the staff since 2006. I have great respect for the knowledge, expertise, and experience of the agency and its people.” 

Paul Atkins was named chair of the US SEC following confirmation of Gary Gensler’s departure back in December 2023.

Atkins was initially appointed by President George W. Bush as a commissioner of the SEC on 29 July 2002, where he served until August 2008.

Uyeda will hold this office until Atkins officially assumes the position later this year.

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