<p>The U.S. Commodity Futures Trading Commission (CFTC) has just given the green light to another Swap Execution Facility (SEF) operated by cryptocurrency startup Tassat, following SeedCX's and LedgerX's SEF registrations. </p> <p>Previously known as trueDigital, Tassat <a href="https://www.theblockcrypto.com/post/38265/crypto-startup-truedigital-rechristened-launching-derivatives-exchange-and-physically-settled-bitcoin-margin-swaps">rebranded</a> itself in September as it pivoted into the derivatives trading and institutional payments markets. With the CFTC approval, the firm is now planning to list physically-settled bitcoin margin swaps. Tassat hasn't disclosed the exact launch date, but it said it has been "actively onboarding institutional participants" and testing the product. </p> <p>The launch of bitcoin margin swaps will posit Tassat in direct competition with SeedCX, which started testing a swap product of a similar structure in August and<a href="https://www.theblockcrypto.com/post/35705/seed-cx-begins-testing-physically-settled-bitcoin-margined-swaps-expects-to-go-live-within-the-next-three-months"> told The Block</a> at the time that it could launch "within the next three months." Meanwhile, LedgerX was <a href="https://www.cftc.gov/PressRoom/PressReleases/pr7584-17">granted</a> the SEF registration in 2017 and it offers swaps and options products to institutional clients. </p> <p>Speaking on the potential competition, Tassat CEO Thomas Kim, told The Block: "Tassat has been working with market participants to design and develop our contracts for quite some time as a core tenet of how we will continue to release new financial products - in partnership with the very participants who intend to trade. As a result, we have a set of execution workflows in the pipeline that we expect will drive adoption over our competitors."</p>