Nasdaq Set to Launch Bitcoin Futures in Q1 Next Year According to Sources
The second largest exchange in the world Nasdaq Inc has decided to go ahead with its plan to launch Bitcoin Futures.
Two people familiar with the matter told Bloomberg that Nasdaq is likely to launch the futures trading in Q1 next year. The futures will be based off the prices on various spot exchanges compiled by VanEck. VanEck is already working on a Bitcoin index obtained from three of the most reputed Crypto OTC Desks which will also be used as a base for its ETF.
According to the report, Nasdaq is still working to satisfy the needs of the Commodity Futures Trading Commission (CFTC) who is the main regulator for futures products.
Nasdaq got involved in Cryptocurrencies this year by providing its market surveillance technology to Winklevi owned Gemini exchange and by acquiring the Crypto friendly Swedish exchange Cinnobar.
The New York-based exchange had first shown interest in launching a Bitcoin Futures product back in November last year, but CME and CBOE managed to launch Bitcoin futures in December before Nasdaq.
It is remarkable that Nasdaq is still planning to launch the futures despite the Crypto markets plummeting this year which suggests that there is still demand in Cryptocurrencies from their customers. Bitcoin has dropped over 82% from $20000 to less than $4000 in less than a year.
The Crypto industry has seen the most institutional players enter the market this year even though the prices have tanked significantly.
- Fidelity launched a Crypto trading platform for Bitcoin and Ethereum.
- ICE’s Bakkt is set to launch in January 2019.
- Various university endowments like Harvard and Yale invest in Crypto funds
Even though the prices don’t reflect the developments happening in the space, the infrastructure is being built for the next big wave of investors to enter this space.
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