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Tera Group, a bitcoin derivatives platform, recently announced that former New York Stock Exchange (NYSE) CEO Duncan Niederauer will be joining their firm as an Advisory Director. The firm has already gained approval from the Commodity Futures Trading Commission (CFTC), which is a financial regulatory agency in the United States, for its trading platform but the bitcoin derivatives have yet to gain accreditation.
Tera Group has also entered a reverse merger agreement with MGT Capital, allowing the company to go public. However, the final terms of the agreement are still being discussed, resulting to a bit of delay.
Bitcoin Derivatives to Go Mainstream?
In joining Tera Group’s advisory board, Duncan Niederaurer will be using his international experience in financial markets in order to give the company his insights and recommendations for growth strategies. Aside from that, he will also provide the bitcoin derivatives platform group briefings on financial trends and how they can take advantage of it.
Niederaurer has been CEO of the NYSE until September 2014. Prior to this, he worked as a Managing Director and co-head of Goldman Sachs’ Equities Division Execution Services franchise. He has praised Tera Group’s strong product and sales pipeline, which he could develop further as part of the advisory board.
“Our firm operates with the same client-first approach Duncan has shown throughout his impressive career,” Tera Group’s Chairman and CEO Christian Martin mentioned. “By providing the management team and clients with his unique global perspective, he will greatly add to the knowledge and experience of our firm.”
NYSE has seemed open to accepting digital currencies on the global exchange, as it had previously invested in Coinbase’s bitcoin fund. Tera Group is hoping that the addition of the exchange’s former CEO in their company would allow them to gain international and institutional acceptance of bitcoin derivatives.
