Following an audacious move to enter into the crypto industry, U.S. stock exchange operator, Nasdaq is sticking to its earlier plans to launch bitcoin futures trading. The company has now stated that it would commence Bitcoin futures contracts early 2019.
According to a Bloomberg report on Tuesday, Nasdaq is steadily preparing to list its own Bitcoin futures contracts in the first quarter of 2019. And despite the current sell-off been experienced in the crypto market, Nasdaq is still reportedly sticking with it’s earlier decision to offer its customers Bitcoin trading services.
At the moment, Nasdaq is purportedly working out regulatory issues with the Commodity Futures Trading Commission (CFTC).
As you may recall, The CFTC had supposedly strengthened its review process for cryptocurrency futures product back in February. Now, the CFTC’s new review process which involves scrutinizing Designated Market Contracts and Derivatives Clearing Organizations are aimed at helping regulators as startups introduce new crypto products to the market.
Currently, it is reported that Nasdaq contracts are based on bitcoin’s spot price on “numerous” exchanges, and will subsequently be put together by New York-based investment management firm VanEck. Recall that Nasdaq decision to start offering customers Bitcoin futures contracts was first announced in June last year.
For people who have been following the market, you’ll remember that the first Bitcoin futures contracts to be introduced into the markets happened a year ago with offerings from CBOE and CME Group arriving when the price of bitcoin rallied to its all-time high of $20,000.
And while Nasdaq prepares to launch its Bitcoin futures contract in the first quarter of next year, the Intercontinental Exchange (ICE) seems to be taking a similar step as it plans to launch a physically delivered bitcoin futures product via a new exchange it calls Bakkt. While Bakkt was initially slated to kick off in December, it has now been moved to January Next year.