Nasdaq, the world’s second-largest stock exchange, will launch its Bitcoin Futures Contracts by Q1 2019, reports Bloomberg. Sources familiar with the matter told Bloomberg that Nasdaq is currently talking to CFTC to get regulatory approval.
“Nasdaq has been working to satisfy the concerns of the U.S.’s main swaps regulator, the Commodity Futures Trading Commission, before launching the contracts, the people said,” reports the publication.
Nasdaq Joins Hands With VanEck With Bitcoin Futures Launch
The latest news from CoinDesk’s Consensus: Invest conference shows Nasdaq partnering with investment management firm VanEck to launch its Bitcoin futures.
Gabor Gurbacs – VanEck’s director of digital asset strategy said that they would “bring a regulated crypto 2.0 futures-type contract.” Furthermore, Gurbacs also said that the Nasdaq Futures would follow the latest regulatory updates.
The two companies will use Nasdaq’s stock markets surveillance system, called SMARTS. They will also use MVIS’s trusted pricing benchmark to “inspire confidence with regulators, and institutions” willing to enter the crypto space.
The nature of the Nasdaq Bitcoin Futures Contracts remains a surprise. It can either be cash-settled or physically-settled in BTC. Gurbacs said that Q1 of 2019 is going to be exciting. It is because VanEck is also expecting the launch of its Bitcoin Exchange-traded Fund (ETF) during the same period.
“We believe that 2018 was the year of regulation and 2019 will be the year of implementation,” said Gurbacs.
Nasdaq to Compete With Bakkt Over Bitcoin Futures
Last week itself, CBW reported that the launch of Bakkt platform and its Bitcoin Futures would go live in January 2019. The Bakkt platform is under-construction and built by financial services giant Intercontinental Exchange (ICE).
Back in September, ICE announced the launch of Bakkt’s Bitcoin Futures Contracts. These contracts will be physically-settled in BTC and thus aimed towards institutional players.
Earlier, Bakkt was to introduce its Bitcoin Futures in the market by year-end. But it looks like the platform is yet to obtain regulatory approval from CFTC.
“First, our team is hard at work with customer onboarding and securing regulatory approvals,” Bakkt said in a statement.
Bitcoin Price Jumps Back Over $4000
Bitcoin has shown a healthy price recovery in the last 24-hours post the Bloomberg report. At the press time, Bitcoin is 13.16% up and trading at $4216. The market cap for the cryptocurrency token has also moved past $73 billion.
After a massive beating over the last two weeks, this recovery brings fresh hope for investors. Along with Bitcoin, the altcoin space is also showing a good recovery.
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