ConsenSys, which is one of the top startups in the ecosystem of Ethereum, has collaborated with TrueDigital, an associate of global online exchange for interest rate swaps trueEX, to come up with a standard rate for Ethereum (ETH) price. ETH is the second largest cryptocurrency in the world after Bitcoin which has the highest value.

The two companies (ConsenSys and TrueDigital) are planning to develop a target reference index for the ETH prices as the initial part of their vast project to make the digital assets available and accessible for the institutional community.

In the meantime, trueEX exchange declared their plan to launch a derivatives marketplace specifically for trading the virtual currency assets to bring self-assurance and confidence for the investors.

The first product is bitcoin contract, and it will be settled in US Dollars and also listed on the company’s current swap platform under the brand “TrueDigital.” As of now, it’s still waiting for approval from US Commodity Futures Trading Commission.

Sunil Hirani, who is the founder of TrueDigital said in a press release that institutional investors, as well as commercial partners, were ready for a controlled, structured and regulated liquid marketplace that will help in gaining exposure and hedging these gradually critical virtual currencies and commodities. However, the market is considerably lacking the necessary foundation, infrastructure, and platforms as expected by institutional investors just like in the other relevant markets.

The Vice President of Risk at ED&F Man Capital Markets, Brooks Dudley commented about the partnership saying that it was the first FCM with plans to offer prime brokerage services the digital asset further on TrueDigital.

Dudley said NDFs on virtual assets is logically the next step for institutional investors looking forward to exposure to Bitcoin and other virtual currencies. Sunil is an established innovator of financial products as well as market infrastructure, and also one of the first advocates for digital assets used in institutional finance.

TrueDigital offers research as well as product development for derivatives which are listed on trueEX exchange and operate sales and marketing for new products.