EDXM International to launch perpetual futures tied to KRWQ and USDC, aiming to compete with the KRW NDF market. EDXM plans to release the new perpetual futures contracts as early as April. The product will support pair trading between KRW-denominated KRWQ, issued by BrainPower Labs in the Cayman Islands, and Circle’s USDC, enabling bets on KRW volatility. EDXM’s stated target is to provide a cheaper digital alternative to the offshore NDF market.
The KRW NDF market handles an average daily volume of about $270 billion, making it one of the most liquid emerging-market currency instruments. Unlike traditional NDFs, the new crypto-based product settles in USDC rather than KRW, potentially allowing trading outside conventional domestic forex controls. The company emphasizes lower transaction costs as a key advantage over NDFs. CEO Kai Kono of EDXM International says perpetual futures settled in stablecoins can be settled in real time without a traditional banking network, significantly reducing KRW-position costs compared to NDFs.
He projects a 50–75% reduction in trading costs relative to NDF and aims for about $500 million in daily trading volume within the next year. The company asserts that the product presents no domestic legal issues.
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