Cryptocurrency broker FalconX, in collaboration with counterparty StoneX, has executed the ‘first-ever’ block trade of Solana-based futures, launched by the regulated derivatives exchange CME Group.
According to Josh Barkhordar, Head of Sales in the US at FalconX, “the long-awaited launch marks a historic moment for the Solana ecosystem, allowing institutional investors to manage risks and price impacts on a regulated platform.”
A block trade involves a large volume processed outside the open market to avoid impacting the asset’s price.
StoneX supported the trade by providing execution and clearing services for the contracts. The company highlighted the importance of such initiatives in expanding client access to the crypto market.
FalconX emphasized that they were the first to execute a transaction with the new product, strengthening their position as a key partner for institutional investors in the digital asset market.
At the time of writing, SOL is trading around $129. Over the past 24 hours, the coin’s price has decreased by 1.5% (data from CoinGecko).
Back in January, information about XRP and Solana-based futures appeared on a CME subdomain.