Guides
Tranched Value Securities (TVS) Explainer
07 JAN 2021

We are pleased to present our first explainer video about Tranched Value Securities* (TVS).

Tranched Value Securities offer investors a way to leverage their capital for greater investment returns with less risks. With TVS, offered exclusively by as.exchange you are able to Earn Above Market with Less Risk.

Find out more about these financial contracts invented by as.exchange and how they work.

* patent pending

Everything you wanted to know about BTC TVS but were afraid to ask!
25 DEC 2020

Since the mid-18th century one of the most significant innovations in the financial world was creation of asset-backed securities (ABS), which were represented by the mortgage-backed securities (MBS) in the United States where farm railroad mortgage bonds were issued. Since then, many other types of derivative products were created in an attempt to enhance risk transfer between market participants by securitizing assets or cash-flows. As a result of the advancements in structured products, global OTC derivatives market has grown from nearly US$ 80 trillion in 1998 to almost US$ 700 trillion at the peak in 2011, and slightly over US$ 500 trillion in 2017, which is 6x times greater than global GDP according to IMF.

Despite the importance and size of global derivatives market, and continuous developments, there has been little change to the actual structure of derivatives, as most of them either split pooled assets or pooled cash-flows from the groups of assets using different types of combination of forward commitments or contingent claims with slightly modified parameters.

Distributed Ledger Technology (DLT) promised to innovate and revolutionize the financial industry. However, since the creation of Bitcoin, there has been little innovation in the area of financial instruments on their own, but mostly implementation of technology in various fields of finance, thus creating the FinTech hype.

With the emergence of FinTech, people forgot about the “Fin” aspect, and focused entirely on the “Tech” part. There have been dozens of new projects that promised to bring new derivatives to the capital markets, however, all they have done was taking traditional financial products from capital markets, and implementing them in the digital asset space.

However, the most recent financial innovation could be Tranched Value Securities (TVS) [patent pending], first described in the SSRN manuscript.

With this post we will try to provide a few key points on what is TVS, how to estimate its payouts, how to use them, and what are their benefits.

What is a Tranched Value Security (TVS)
“Tranched Value Security (TVS) [patent pending] is a security whose income payments, and hence value is derived from and collateralized (or "backed") by the value of a single asset, group of assets, stream of cash-flows or any other entity or product possibly having a determinable value (and / or price). Value of TVS is derived either from a value share of a specific underlying, or from a minimum contract value, which can equal to the value share of a specific underlying at the contract initiation, given that a higher-level (or “prior”) TVS are satisfied.”

In easier terms, TVS is similar to asset-backed security (ABS), but while the later one splits a pool of assets or pool of cash-flows, TVS splits the value.

It can be easier understood by looking at the CDO mortgage-backed security (MBS) representation from IMF below:

In the diagram above, for any ABS (RMBS (Residential Mortgage-Backed Security) in this case), you would need a number of mortgages in order to create a pool of cash-flows, diversify risks, split the pool based on risk/return, and sell pool tranches to investors with appropriate risk/return appetites.

MBS Example:

- You have 10 mortgages, each making $10 payment every month (ignore maturity for now), which is 10 x $10 = $100 monthly;
- With RMBS, a banker would securitize these mortgages and create an SPV (Special Purpose Vehicle) that would be collecting these $100;
- SPV would issue various securities and sell those securities to external investors, who can be getting mortgage-backed payouts.

For simplicity assume, the banker creates 3 value tranches:

  • Senior tranche (ST): receives $50 fixed or 50% or Bitcoin value (whatever is greater), first in a row to receive payouts
  • Mezzanine tranche (MT): receives $30 fixed or 30% of Bitcoin value (whatever is greater), second in a row to receive payouts after the ST
  • Junior tranche (JT): receives $20 or 20% of Bitcoin value (whatever is greater) or whatever left after the ST and MT received their payouts

With such structure, Senior would be priced highest, as it’s first in the row to receive payouts (thus, less risk), and JT would be priced with greatest discount (higher risk / higher return).

If everything goes as planned: three tranches receive what they need to, and everyone is happy.
If some mortgages make overpayments: some mortgages make payouts of $15 (prepayment risk – not typically desirable by the ST holders), the extra $5 gets absorbed by the JT (extra return).
If some mortgages default: the JT absorbs the losses first. If two or more mortgages stop paying – JT doesn’t get anything, and then MT might also get less payouts.

With TVS, only one mortgage would be enough, to do exactly the same. While 1 mortgage could be making payouts of $100 monthly, at some periods of time it could be paying more or less, and those under-/over-payments could be assigned to the riskier part of payouts pool. It can well be 5 mortgages, or 117.89321 Bitcoins, or 3 T-Bills, or 99 stocks of Apple – as long as the underlying asset has a determinable value, the value can be securitized and TVS can be issued.

TVS Example:
- You have 1 Bitcoin, having a value / price of $100;
- With TVS, a banker would securitize this 1 Bitcoin and create an SPV (Special Purpose Vehicle) that would be absorbing Bitcoin value;
- SPV would issue various securities and sell those securities to external investors, who can redeem their newly issued securities value at any point in time.

For simplicity assume, the banker creates 3 value tranches:

  • Senior tranche (ST): receives $50 fixed or 50% or Bitcoin value (whatever is greater), first in a row to receive payouts
  • Mezzanine tranche (MT): receives $30 fixed or 30% of Bitcoin value (whatever is greater), second in a row to receive payouts after the ST
  • Junior tranche (JT): receives $20 or 20% of Bitcoin value (whatever is greater) or whatever left after the ST and MT received their payouts

If Bitcoin price goes up forever linearly without any single decline – the three tranches perform as if they are same shares with the same returns. Once Bitcoin price starts declining and then subsequentially changing price – TVSs have different return profiles.

Imagine after issuing TVS, Bitcoin declines to $95 (-5% return):

  • ST: can get 50% of $95 or $50 => $50 (0% return)
  • MT: can get 40% of $95 or $40 => $40 (0% return)
  • JT: should get 20% of $95 or $20 => $20, but that would not be possible, as there’s no value left that can be paid out, therefore, JT gets $95 - $50 - $40 = $5 (-75% return)

Holder of JT decides that it’s too much risk for him as Bitcoin might decline even further and sells it to another investor for $5.

Imagine after that, Bitcoin increases to $110 (+15% return):

  • ST: can get 50% of $110 or $50 => $55 (+10% return)
  • MT: can get 40% of $110 or $40 => $44 (+10% return)
  • JT: should get 20% of $110 or $20 => $22 (+340% return)

Thus, by securitizing the value, Tranched Value Security transformed the performance of derivatives backed by the same underlying and issued on the same date.

TVS Payout Model

Based on the above example, the generalized version of TVS payouts can be represented as below:

While the above model represents a valid payout model for TVS, the proper pricing model of TVS is still work in progress to be done. Therefore, every trader and user of TVS needs to study the presented derivative thoroughly and make informed decision about how to price it and what to trade it for.

Important Features of TVS
  • Variable Value Share (VVS): the share represented in % terms which can be claimed by the TVS holder based on the asset price, given that the claims of more senior TVSs have been satisfied.
  • Fixed Value Share (FVS): the fixed dollar value which can be claimed by the TVS holder based on the asset price, given that the claims of more senior TVSs have been satisfied.
  • Underlying Asset: any asset or cash-flow with determinable value that was securitized based on which TVS was issued.

From the MBS-type of products the following features can be implied:

  • Attachment Point (AP): the amount by which the underlying asset needs to decline in price in order for the current TVS to start declining in price (if TVS has AP of 10%, it will not lose anything until asset (such as Bitcoin) declines by at least 10%; once it declines by 10% or more – current TVS also declines, and it means more junior TVSs has lost all value).
  • Detachment Point (DP): the amount by which the underlying asset needs to decline in price in order for the current TVS to lose all value (if TVS has DP of 10% and an asset declines by 10% or more – current TVS is priced at $0, implying more junior TVSs are also priced at $0, and with further asset price decline, more senior TVSs start to decline in value).

Furthermore, the following are the important features of TVS:
1. For TVS to function as assumed, there must be at least 2 TVSs for any specific underlying asset when its securitized;
2. Sum of all TVSs’ VVS must always equal to 100% of underlying market price;
3. Sum of all TVSs’ FVS must always equal to the full price of underlying asset price;
4. If 1. or 2. are not satisfied, arbitrage opportunities might be present;
5. While the payout model dictates that TVS might have a price of $0.00, it’s unrealistic assumption as the $0.00 TVS might turn out to be highly valuable if the underlying asset subsequently increases in value, and giving TVS for $0.00 means giving future upside potential for free (as previously $0.00 TVS increases in value it can be redeemed for actual asset, such as Bitcoin (would you give Bitcoin for free?)); therefore, initially arbitrage opportunities are expected with TVS model;
6. Due to 4. your will never get liquidated position with TVS as with leveraged trading or margin trading;
7. Attachment Point < Detachment Point.

How to Use TVS

Tranched Value Securities are a new type of financial instruments, therefore might hinder yet to be discovered risks. However, here we want to highlight only a few strategies that you could implement with TVS.

You have Bitcoin and expect its price to decline

Strategy:
Securitize your Bitcoins, and sell Junior tranches

Example:

  • Bitcoin cost $100 now
  • You have 1 Bitcoin
  • You assume Bitcoin will decline by 20%
  • You securitize your Bitcoin and issue 2 TVSs (for example), where:
    • The Senior TVS has VVS of 80% and FVS of $80
    • The Junior TVS has VVS of 20% and FVS of $20
  • You sell Junior TVS and get $20
  • If Bitcoin declines in value by anything less than 20%, your Senior TVS remains at least at $80 (Junior TVS absorbs losses first), and you keep the initial $20 from the Junior TVS sale
  • If Bitcoin increases in value, your Senior TVS increases as well, and you keep the initial $20 from the Junior TVS sale

You have Bitcoin and expect its price to increase

Strategy:
Securitize your Bitcoins, and sell Senior tranches, and buy more Junior tranches

Example:

  • Bitcoin cost $100 now
  • You have 1 Bitcoin
  • You assume Bitcoin will decline by 20%
  • You securitize your Bitcoin and issue 2 TVSs (for example), where:
    • The Senior TVS has VVS of 80% and FVS of $80
    • The Junior TVS has VVS of 20% and FVS of $20
  • You sell Senior TVS and get $80
  • With $80 you buy more of Junior TVSs
  • If Bitcoin increases in value your initial Junior TVS will increase by 20% proportionally, but the Junior TVS you bought from others will increase even more
  • If Bitcoin decreases in value, you might become a holder of temporarily $0 value TVS (which is not realistic as described above)

You don’t have Bitcoin and expect its price to decline

Strategy:
Buy Senior TVS from other people

Example:

  • Bitcoin cost $100 now
  • You want to invest in it but don’t want to take too much risk
  • You assume Bitcoin will decline by 20%
  • You buy TVS from other investors with Attachment Point of at least 20.0000…01%
  • If Bitcoin declines by anything less than 20.0000…01%, your TVS remains at least at what you bought it for
  • If Bitcoin increases in value, your TVS increases in value as well

You don’t have Bitcoin and expect its price to increase

Strategy:
Buy Junior TVS from other people

Example:

  • Bitcoin cost $100 now
  • You want to invest in and earn more than the market, but don’t want to take leverage
  • You assume Bitcoin will increase by 20%
  • You buy any kind of Junior TVS from others (the more junior – the higher the potential return and risk)
  • If Bitcoin increases by any amount – you earn more than the market
  • If Bitcoin decreases by at least as much as the Attachment Point of your TVS – you start losing, if Bitcoin deceases by your Detachment Point or more - you become a holder of temporarily $0 value TVS (which is not realistic as described above)

You want to hold a portfolio of TVS for future upside

Strategy:
Buy Junior TVSs from various dates of issuance

Example:

  • Bitcoin cost $100 now, $90 tomorrow, and $120 the next day
  • Two other traders securitized their 1 Bitcoin on the first two dates above, and issued same 2 TVSs with VVS of 50%, but first TVS has FVS of $50, and second one has FVS of $45
  • You buy the first Junior TVS for $50
  • Tomorrow your TVS becomes $40 (-20% return), and you buy another Junior TVS from the second trader for $45You buy any kind of Junior TVS from others (the more junior – the higher the potential return and risk)
  • The next day your first Junior TVS becomes $60 (+20% 2-day return, +50% 1-day return), the second Junior TVS also becomes $60 (+33 1-day return)
  • In total you have spent $85, and after 2 days earned $120, meaning +41% total return, while Bitcoin increased by +20% over the same period

You want to hold a portfolio of TVS for future downside

Strategy:
Buy Senior TVSs from various dates of issuance

Example:

  • Bitcoin cost $100 now, $90 tomorrow, and $80 the next day
  • Two other traders securitized their 1 Bitcoin on the first two dates above, and issued same 2 TVSs with VVS of 50%, but first TVS has FVS of $50, and second one has FVS of $45
  • You buy the first Senior TVS for $50
  • Tomorrow your TVS remains at $50 (0% return), and you buy another Senior TVS from the second trader for $45
  • The next day your first Senior TVS remains at $50 (0% 2-day & 1-day return), the second Senior TVS remains at $45 (0% 1-day return)
  • In total you have spent $85, and after 2 days it stayed at $85, meaning 0% total return, while Bitcoin decreased by -20% over the same period

Where to Learn More About TVS

About Tranched Value Securities (TVS): https://as.exchange/abouttvs

Tranched Value Securities Calculator: https://as.exchange/calculator

Tranched Value Securities Original Manuscript on SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3337692

Lesson 1: as.exchange Tranched Value Securities (TVS) vs. Spot Trading: https://youtu.be/x0NY8NCvQpA

Disclaimers

This post is not intended to serve as advertisement or promotion of as.exchange or Alter Securities Limited, or any of their services or products, but only for educational purposes about Tranched Value Securities.

as.exchange is a trademark of Alter Securities Limited ("The Company"). The Company has filled a patent application with the World Intellectual Property Organization (WIPO) for the Tranched Value Securities™ (the “TVS™”) instrument. The current status of the patent is patent pending, therefore, any use or reference to the Tranched Value Securities™ might be subject to the local patent laws and regulars and should be done after the official approval from the Alter Securities Limited. Unauthorized use or implementation without the Alter Securities Limited consent, reference to or commercialization of Tranched Value Securities™ is subject to legal proceedings and financial penalties.

as.exchange Tranched Value Securities Specifications Overview
26 NOV 2020

Bitcoin is the most known and currently widely accepted digital asset in the world. Its price can either increase or decrease by double-digit numbers every day.

Such volatility of digital assets scares common people, and puts pressure on professional traders forcing them to search for efficient ways to manage risks.

We at as.exchange have developed Tranched Value Security (patent pending) with the purpose to facilitate risk management and improve returns of underlying assets.

We have put together this guide to help all users understand the basic terms used within as.exchange, and what purpose they serve.

Tranched Value Securities (TVSs), similar to Collateralized Debt Obligations (CDOs), have an underlying asset that needs to be securitized in order to issue TVS. That implies that TVS will derive its market price based on the price changes of underlying asset.

Currently as.exchange supports only Bitcoin (BTC) as underlying, however, we will be launching other types of digital assets, and capital market assets for securitization soon.

Each TVS represents only a fraction of value claim on the overall underlying asset. That means that 1 TVS, can never equal 1 BTC exactly (as in that case it would be the same BTC). It cannot be greater than 1 BTC as well, as that would mean that the securitized share backed by BTC does not correspond to the actual value represented by underlying asset. Thus, 1 TVS < 1 BTC, but the sum of all TVSs issued within the conducted securitization of BTC is always exactly equals to 1.00.

Each TVS has its seniority (currently disabled in as.exchange, and order ranking used instead), based on which it can claim value of underlying asset. That means if there was to be TVS1, and TVS2, the first one would have a higher seniority, and can claim corresponding value share of underlying asset before TVS2 can claim anything. If TVS1 claim cannot be satisfied in full, TVS2 becomes worthless.

An important feature of TVS, which is dissimilar with CDOs, is its Variable Value Share (VVS), and Fixed Value Share (FVS). Each single TVS has both of them, and they can be either different or the same. Even when VVS and FVS are same, due to seniority of each value tranche, the two TVSs issued for the same BTC, will not perform in the same way. Fixed Value Share determines the minimum Dollar (USD) value that the particular TVS can claim (if underlying price doesn’t drop lower than that). Variable Value Share represents the value share (represented in percentage terms) that the particular TVS can claim. That means TVS1 with VVS 50%, and FVS $50, can claim either $50 (if underlying value is not less than that), or 50% of market value of underlying (if it’s more than $50). And if TVS2 (more junior) also was issued with VVS 50%, and FVS $50, and underlying value changes from $100 to $120, each of them can claim 50% of it, and receive $60. However, if underlying declines to $90, TVS1 will reasonably claim $50, instead of 50% of $90, and the TVS2 will not be able to claim $50, but only the leftover $40. With the consequent underlying asset price changes the returns generated by each value share get magnified, and even when BTC increased by 5% only, Junior value tranches can earn 50%, or even more, without any leverage.

Due to FVS, VVS and seniority features the Tranched Value Securities, backed by the same underlying assets perform drastically different even in markets with minor volatility, as they can significantly magnify returns.

With the FVS and VVS parameters, Attachment Point (AP) and Detachment Point (DP) can be calculated to give a better idea of potential risks of the particular value tranche. The AP provides an indication by how much the underlying asset needs to decline, in order for this particular TVS to start losing in value. Thus, AP of 10%, means that if BTC declines by anything less than 10%, other value thanches lose, but not the present one, which will start losing with anything over 10% underlying price decline. The DP on another hand, is an indication by how much underlying needs to decline in order to completely wipe out the value of the current TVS. Value tranche with 100% would be the safest ones, as they imply that BTC needs to be priced at $0.00 in order for this TVS to lose all value, while TVS with DP of 1% would be the riskiest ones, showing that even 1% decline in underlying price, will wipe out all its value.

Due to the importance of the above parameters, they are displayed by default for all market offers that are visible on the OTC market.

In addition to that, a price chart and 7day implied return are displayed. While if TVS was issued today, it’s not possible to have actual price 7 days ago, therefore, the price is extrapolated based on TVS parameters, which is indicated on the chart area, where the green area represents an implied price, and the purple area represents the price after the TVS issuance.

Apart from the above, the regular features of each offer are displayed on OTC market, such as the seller’s name, supported payment methods, and the price the seller had set for the offer.

The same features are displayed when any particular offer is chosen, to confirm the details of the offer.

We tried our best to explain the basic features each trade of Tranched Value Securities on as.exchange has. Furthermore, you can follow our YouTube channel, as we will publish useful videos every week about how you can manage your risks, earn more, and get the best experience of the true financial innovation:

We are continually improving your trading experience, and will soon be introducing more features.

Stay tuned, and please do let us know what additional features you would love to see on as.exchange.

Now Even Kids Know How to Buy Bitcoin! But If You Don’t - learn it now
21 NOV 2020

Recently Bitcoin celebrated its tenth anniversary, yet still many people don’t know how to buy it safely, and store. Most of the beginners are worried (for a good reason) that their Bitcoin can be stolen, or that they will be scammed and even will not receive a Bitcoin.

With many shady exchanges, services, individual traders and sellers around, users need to know that they are purchasing their Bitcoin from a trustworthy source, and that the first purchase will be a pleasant experience for them, rather than losing all money and forever abandoning the “Digital Gold”.

We have put together this guide to help all users around the world to avoid those scam exchanges, and ensure you do know where to buy BTC in the most reliable way.

Please be advised, this guide focuses entirely on spot Bitcoin purchase, therefore, it will not cover how to get BTC exposure via derivatives (such as futures, options, swaps, Tranched Value Securities (patent pending)) or other means.

The order of Bitcoin purchase options below represents the order of safety starting from the most unsafe options and ending with the safest ones.

Buying Bitcoin from a Friend

If you have a friend who happens to own Bitcoin, you might easily purchase it from him. While such option will be the most flexible for you, as you can negotiate the terms and price easily, can pay in cash or any other suitable way, it might happen to be the most dangerous option. If this person is not someone you know very well, he or she can receive your payment and never send you the Bitcoin you bought.

Sometimes, even worse, your friend might happen to be a tech savvy guy, and might know how "double-spending" works, and while your pending transaction would appear on the blockchain, you would never actually receive the Bitcoin.

Furthermore, your friend knowing that it’s your first ever BTC-deal, will surely try to get the best possible price for himself (just a part of regular human nature), and therefore, you will not get the actual market price for it, meaning that Bitcoin will need to increase few precents extra in the market in order for you to earn anything.

Pros: most flexible option, unlimited trading amount
Cons: your friend might steal your money; potentially highest fees, spread and price
Example: any of your crypto savvy friends :)

Buying Bitcoin on Decentralized Spot Exchanges

This option is usually suitable for someone who already knows a good deal about crypto currencies. Otherwise, you wouldn’t know how to connect own wallet to the exchange and to execute a trade.

The above implies that most likely you need to already have some kind of crypto currency in order to exchange it into the Bitcoin, or any other type of digital asset, therefore, this option is usually not suitable for newbies in crypto area.

On top of the above, most of the DeFi (Decentralized Finance) exchanges are developed by inexperienced teams or individuals, which leads to significant number of code flaws and subsequent hacks, when you completely lose all your money and have no central party to be held responsible for that. Yet, such option has its own benefits, and some people like the DeFi exchange concept simply for anonymous exchange feature, and for the iddea of “no central party” (which is wrong actually).

Pros: lowest fees, anonymous, not controlled by anyone, unlimited trading amount
Cons: poorly coded exchange protocol, least flexible option, need to have crypto to buy crypto
Example:

Buying Bitcoin on Over-the-Counter (OTC) Exchanges a.k.a. Peer-to-Peer (P2P) Platforms

OTC trades are among the most prominent, yet shady area. From one side you have a great deal of transaction flexibility where you are able to negotiate the specific trade terms with the potential seller, while from another side you always have a chance to encounter a scammer that knows how “triangular trade” works (where party A engages party B to buy Bitcoin, while trading with party C to actually sell the Bitcoin, which makes the central party receive the Bitcoins, and others lose money and their crypto currency).

Due to that, in OTC trades it is important to verify that you don’t trade with the first-time user (potentially a new account of experienced scammer), and that the counter-party has many positive reviews and trade history. On top of that, in certain countries, banks started implementing policies against OTC traders where they block bank accounts of the engaged parties for several years.

Pros: flexible option, yet not as much as buying directly from a friend, unlimited trading amount
Cons: experienced scammers, high spreads, banks’ anti-crypto policies
Example:

Buying Bitcoin on Centralized Spot Exchanges

Centralized Bitcoin exchanges are currently the largest ones in the world with the deepest liquidity pools. Often times the reliable exchange will guarantee you that if someone hacks the exchange, they will compensate you in full. Therefore, such option usually provides to be the safest one and the most reliable one.

However, with such exchanges you need to go through comprehensive KYC (Know-Your-Customer) policies, and need to prove the legitimacy of you capital. Therefore, with the reliable exchanges you cannot expect anonymity, and can expect higher than regular trading fees, as a payment for your capital safety. Furthermore, usually only here you can safely use common payment methods, such as card payments (Visa, MasterCard, UnionPay), e-transfers (PayPal, MoneyGram, etc.) and other commonly known by the most people. Furthermore, such exchanges have strict regulations on what assets they list for trading, therefore, you are very unlikely to find some crypto currency or token available for trading that is lower than top50 by market capitalization. Last, but not the least, such option is mostly accessible by people from the developed world or from crypto-friendly states, but is out of reach for the rest of the world for now.

Pros: safest option if purchasing from reliable exchange, exchange will be responsible for your losses, sometimes limited trading amount
Cons: not flexible at all, might have high transaction fees, comprehensive KYC, mostly not available in developing world
Example:

Buying Bitcoin from BTC ATMs

This option is something new to most of the people even from crypto area, yet the first Bitcoin ATM was opened in Vancouver, Canada back in 2013. As of November 2020, there are over 12,100 Bitcoin ATMs across the globe. Such ATMs work in the similar manner with the regular ATMs which most of the people had ever used in their life, yet BTC ATMs will have several additional steps of verification, such as SMS verification, and the need to use BTC wallet pre-installed on the mobile phone.

With Bitcoin ATMs it’s virtually impossible to steal your potential crypto asset, yet this comes at a cost of highest fees, inconvenience, requirement of physical presence, and complete absence of anonymity.

Pros: safest option, limited trading amount
Cons: highest transaction fees, completely inflexible, hard to find BTC ATM in certain countries, user unfriendly
Example: Full list of BTC ATMs in the world here: https://coinatmradar.com/

Conclusion

We tried our best to present you with the major ways of buying Bitcoin. While some of you might want to buy other crypto currency, such as Ethereum (ETH), Litecoin (LTC), Ripple (XRP), or others, in most of the cases for now, the only single getaway to buy those is throw exchanging Bitcoin (BTC) to them. Therefore, it is essential for everyone to know their available options of purchasing the core asset to move on to the next step in crypto, in consideration of available risks, and benefits.

as.exchange™ and Alter Securities™ are the service marks and/or trademarks of Alter Securities Limited. Supporting documentation for any claims and statistical information will be provided upon request. Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.

The risk of loss in online trading of stocks, options, futures, forex, foreign equities, fixed income and derivatives can be substantial.

Derivatives involve risk and are not suitable for all investors. For more information read the "Characteristics and Risks of Derivatives". Before trading, clients must read the relevant risk disclosure statements on our Warnings and Disclosures document - Warning and Disclosures. Trading on margin is only for sophisticated investors with high risk tolerance. You may lose more than your initial investment.

The Company has filled a patent application with the World Intellectual Property Organization (WIPO) for the Tranched Value Securities™ (the “TVS™”) instrument. The current status of the patent is patent pending, therefore, any use or reference to the Tranched Value Securities™ might be subject to the local patent laws and regulars and should be done after the official approval from the Alter Securities Limited. Unauthorized use without the Alter Securities Limited consent, reference to or commercialization of Tranched Value Securities™ is subject to legal proceedings and financial penalties.
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