CloseCross, the specialist non-leverage derivatives trading platform, is in the process of developing a Malta offering, The Armchair Trader understands. CloseCross leverages blockchain technology to support derivatives trading in a broad range of markets, including commodities, indexes and cryptocurrencies.
CloseCross enables investors to forecast movements up or down in global stock market indices, crypto, commodities and stock prices, with customers forecasting correctly being paid out depending on when they invested and how many other investors are participating in the smart contract.
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Charges only apply if investors make a correct forecast and those who get the forecast wrong lose the amount they have invested but are not charged any fees. There are no minimum investment levels for traders.
CloseCross has offices in London and Malta, and has developed and patented its own derivatives trading platform for customers to invest without the involvement of major banks issuing derivatives or having to take on leverage. It was recently awarded a MIFID II licence, becoming the world’s first blockchain-based derivatives trading platform to secure this, offering increased protection and transparency for customers.
CloseCross has confirmed the appointmment of Joseph Portelli as its first chairman. Portelli started his career in the US in forex trading and has worked for Bank of America, Nomura, Goldman Sachs and The Milburn Corporation before moving to Malta where he worked for Global Capital, Liongate Capital Management and FMG Funds where he was Managing Director and Chief Investment Officer.
He was appointed Chairman of the Malta Stock Exchange in 2015 and was also a lecturer at the University of Malta, the Malta Institute of Accountants and the Institute of Investment Analysis.
Founded in 2017, CloseCross is the global backbone for blockchain based decentralized Multi-party trading. A unique online platform opening and expanding the massive global derivatives market to the public as a way of predicting market movements, CloseCross provides easy access to a peer-to-peer derivatives trading platform.