New Blockchain Consortium Launched In South Korea

In 14 months, First Global assembled a customer base of 1,300 traders who move around $2 million through the platform each month. This week the firm announced its next move: access to stocks traded on the London Stock Exchange, opening positions in BT, Vodafone, and BSkyB to its existing users.

Marcie Terman, the company's communications director, said the expansion reflects where customers want to trade. "We maintain a solid mix of tech, entertainment, internet, and healthcare stocks," she said. "We also offer ETFs that cover Brazil, Russia, China, and Mexico. What was missing was choice outside the American markets. We serve clients on every continent except Antarctica, and the United Kingdom is where we have a strong client concentration, so we're launching there first. Our plan is to add other countries to the platform."

First Global wins customers by letting them generate returns on bitcoin without selling it. The firm offers two ways to do this. Traders establish long or short positions through total return swap derivatives using bitcoin as collateral, with gains and losses settling in bitcoin. Currency Switch lets traders convert collateral to fiat while keeping a position open.

Terman calls this approach a "distinct edge" in the market. Bitcoin holders elsewhere must choose between keeping their coins and making returns on them. First Global customers get both.