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Tiny $217 Options Trade on Bitcoin Blockchain Could Be Wall Street’s D

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https://www.coindesk.com/tiny-217-options-trade-on-bitcoin-blockchain-could-be-wall-streets-death-knell

(In this case, an option premium of 0.0202 bitcoin ($217 at the time) paid via a smart contract may have just become the proof of concept.

The latest target for blockchain disruption is options trading tied to the Standard & Poor’s 500 Index, the main benchmark for U.S. stocks. It’s a massive market, with roughly $400 billion of the options changing hands every day last year, on average.)

 

 

So on Sept. 6, Goh says, he took some British pounds from an in-house research-and-development fund at skew. converted those into bitcoin, and then used the proceeds to buy 10 S&P 500 call spreads – a popular type of option – from Crypto Garage, all under a new smart contract, with terms agreed to by both counterparties in minutes. The expiration date for the options was set for the third Friday of the month, similar to the standard practice on many exchanges.

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