Standard Chartered Plc and Virtu Financial Inc. are among prominent financial institutions joining Global Futures and Options Ltd. (GFO-X), a London-based crypto derivatives trading platform set to launch in early 2025. Supported by M&G Investments, GFO-X aims to establish itself as the UK’s first regulated and centrally cleared venue for Bitcoin index futures and options.

Renewed Interest Post-Election Boost

Initially planned for 2023, the platform’s launch faced delays but gained traction following Donald Trump’s re-election and his pro-crypto nominations. “There are huge tailwinds post the US election,” said CEO Arnab Sen. The crypto-friendly sentiment of the new administration has reignited interest from major financial firms, many of which had previously been cautious.

Bitcoin has surged over 40% since the US election, recently hitting an all-time high of $103,800. Investors are optimistic about the potential for favorable legislation, further fueling enthusiasm among financial institutions for the digital asset space.

Clearing by LCH and New Digital Offering

GFO-X trades will be cleared by LCH SA, owned by the London Stock Exchange Group. To accommodate this, LCH has developed DigitalAssetsClear, a bespoke clearing solution for cash-settled crypto derivatives.

Crypto Adoption Expands

Beyond GFO-X, other financial heavyweights are deepening their crypto engagement. BlackRock Inc. now manages $58 billion in Bitcoin-backed ETFs, while Intesa Sanpaolo SpA is expanding its digital assets desk. With institutions like ABN Amro Clearing and IMC also backing GFO-X, the platform represents a significant step toward integrating traditional finance with digital currencies.

GFO-X’s launch underscores the growing convergence of institutional finance and crypto, solidifying London’s position as a global hub for digital asset innovation.