Nasdaq is said to plan bitcoin futures next year, joining biggest rivals
Chicago: Nasdaq Inc. plans to introduce bitcoin futures next year, according to a person familiar with the matter, becoming the third major US exchange to attempt to dive into the red-hot market for cryptocurrencies.
The New York-based exchange aims to introduce the products as early as the second quarter, according to the person, who asked not to be named discussing a private matter. The contracts will trade on Nasdaq’s NFX market, the person said.
Allan Schoenberg, a Nasdaq spokesman, declined to comment.
There are four exchange giants in the US; Nasdaq joins CME Group Inc. and Cboe Global Markets Inc. in seeking to jump into cryptocurrency derivatives. That leaves New York Stock Exchange (NYSE) owner Intercontinental Exchange Inc. as the only one without public plans for bitcoin derivatives.
Bitcoins currently trade on virtually unregulated markets. Nasdaq, CME and Cboe are heavily regulated, bringing an air of legitimacy that should help professional investors feel more comfortable participating. Anyone on the sidelines has missed out on a massive rally: Bitcoin’s price surpassed $11,000 for the first time earlier Wednesday and has increased in value by more than 11 times in 2017.
The Wall Street Journal first reported on Nasdaq’s plan. Bloomberg
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