Menu IconA vertical stack of three evenly spaced horizontal bitcoin fun. Akuna Capital, a Chicago-based trader, was one of the first firms to trade bitcoin futures. Partner Toby Allen told Business Insider why the cryptocurrency market provides an amazing opportunity for trading firms. The news that Cboe Global Markets was going to launch a futures market for bitcoin was a landmark moment for trading firm Akuna Capital.
That’s when we started dedicating resources,” Toby Allen, a partner at Chicago-based Akuna Capital, told Business Insider, referring to crypto trading. It is currently hiring new talent to expand the cryptocurrency desk. It was also one of the first trading firms to make markets for Cboe’s bitcoin futures market, which launched in early December. It’s also trading bitcoin futures at the CME, and trades bitcoin options through LedgerX, a US cryptocurrency options exchange. Allen said the company takes a unique approach when it comes to its cryptocurrency trading operations. Whereas other trading firms have entire units devoted solely to crypto, Akuna has everyone working together across assets. We don’t really silo anything here,” he said.
We have a lot of people from tech, quant, and support teams working on crypto. Rather it is the arbitrage opportunities available in the space. Bitcoin can trade at wildly different prices on any given exchange. As a trader it is such an amazingly fun space to be in compared to traditional assets because of the spreads and technology gaps.