Torus Kling Blockchain to launch Bitcoin futures

Hyderabad: Torus Kling Blockchain IFSC, a joint venture between Cosmea Financial Holdings (CFH) and Kling Trading India, signed an MOU with India INX to launch India's first Bitcoin and Ethereum Futures, ETFs and Metaverse US-listed large-cap discount certificates, subject to IFSCA Approval.

Torus Kling Blockchain will be the liquidity provider to India INX. The product will be distributed through Torus global distribution team and partners. It is targeting USD 1 billion (AUM) in first two years from customers participating in blockchain backed products through ETFs and Discount certificates.

"India INX at GIFT IFSC is looking to launch Digital Asset based products and has already made an application to IFSCA under Regulatory Sandbox. This is a part of our product innovation initiative to benchmark offerings with other international finance centres. We will be launching products in these new age assets incompliance with the prevailing laws," said V. Balasubramaniam, Managing Director & CEO, India INX.

Krishna Mohan Meenavalli, CEO, Torus Kling Blockchain IFSC, said: "Exchange trade products allow trading through regular investment accounts, bypassing the hassle and security concerns of crypto currency exchanges."

As per reports, global derivatives trading volume for the cryptocurrency market totalled USD 3.2 trillion, while total spot volumes were half a billion low at $2.7 trillion. In India, the ETF AUM has almost doubled from Rs 1.54 lakh crore to Rs 2.9 lakh crore during FY21. Also, exchange-traded products (ETPs) have acquired more than USD 1 trillion representing 15 per cent of all fund assets globally.

The core focus of Torus Kling Blockchain IFSC is on Digital Asset Management, Exchange Traded Products, Automated Market Making (AMM) and distribution of New Technology ETFs/ETPs to Institutions, HNI clients across the globe.