Velocity announces first blockchain smart contract on price feeds

FinTech | October 11, 2016 By:

Blockchain platform Velocity has announced the first blockchain smart contract on price feeds and has launched an ​interactive demo of the platform.

Built using blockchain technology and Ethereum smart contracts, the platform aims to make derivatives trading more transparent, accessible and secure. The decentralized options platform provides support for users to enter into a collar option using a smart contract on the Ethereum blockchain, a move claimed by the company as making it the first platform that doesn’t rely on central servers or “middlemen” settlement processes to manage funds.

“Velocity enables participants to hold leveraged positions on the movements of a price feed. Customers can buy and hold collar options contracts which are issued and settled autonomously. Collar options are an options contract with a cap on its maximum payout. Capping payouts allows the system to remain solvent and fully capitalised at all times,” said Velocity.

In addition to introducing the Velocity platform, the company is planning a crowdsale slated for Q4 2016. Further details on the crowdsale will be announced soon.