In yesterday’s cryptocurrency news, we talked about Nasdaq and its apparent plans to launch a Bitcoin futures trading platform. Today, the news has quite crystallised and we have more information about this project – which is apparently set to complete in early 2019.
The world’s second largest stock exchange (Nasdaq) plans to roll out the Bitcoin futures in the first quarter of 2019 through a partnership with the investment management firm VanEck. According to VanEck’s director of digital asset strategy, the companies will re-launch a variety of Bitcoin derivatives in early-2019 such as a “regulated crypto 2.0 futures-type contract.”
According to VanEck’s director of digital asset strategy, Gabor Gurbacs, and his announcement during the Consensus: Invest conference in New York on November 27th, Nasdaq and VanEck will unveil “transparent, regulated and surveilled digital asset products such as Bitcoin futures contracts.”
Nasdaq has been working with the Commodity Futures Trading Commission (CFTC) in order to make sure that it fully complies with any lingering regulatory concerns the country’s main swaps regulator has.
In a tweet, Gurbacs also confirmed that VanEck “ran a few extra miles working with the CFTC to bring about new standards for custody and surveillance.”
@Nasdaq and VanEck’s @MVISIndices announces #index #partnership and intention to bring to market transparent, regulated and surveilled #DigitalAssets products, such as #Bitcoin futures contracts. More info to come. Share & follow us. #crypto #futures #SMARTS #ConsensusInvest pic.twitter.com/Q2oCZx4pp1
— Gabor Gurbacs (@gaborgurbacs) November 27, 2018
The CFTC, which is the main organization that regulates Bitcoin as a commodity, has so far approved only two crypto futures products, one being the Chicago Mercantile Exchange’s (CME) futures platform and the other being the one from the Chicago Board Options Exchange (CBOE).
Meanwhile, VanEck is still trying to win the approval from the Securities and Exchange Commission (SEC) in order to launch the first-ever Bitcoin ETF. Despite the SEC rejections, Gurbacs believes and hopes for SEC approval very soon.
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“With the government expanding its investment in research and development of blockchain technology, the projects are expected to minimize or eliminate the risk of integrating ETF transactions in the cryptocurrency market.”
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