Nasdaq Executive Confirms Launching Bitcoin (BTC) Futures in 2019 despite Market Crash
The company has been working on the project for several months, Joseph Christinat has explained.
US Nasdaq, one of the leading global stock exchanges, will roll out cryptocurrency-based futures in the first half of next year, the firm communication team’s vice president Joseph Christinat told British newspaper Daily Express on Monday. The confirmation came after several months of media speculations about the topic.
Nasdaq will link the derivatives to the largest virtual currency, Bitcoin (BTC). The company will launch the product after receiving a green light from the Commodity Futures Trading Commission (CFTC).
“Bitcoin Futures will be listed, and it should launch in the first half of next year – we’re just waiting for the go-ahead from the CFTC, but there’s been enough work put into this to make that academic,” Christinat said.
The company conducted an analysis of BTC derivatives through the whole 2018 and decided that the first half of 2019 is the proper period for launching the derivatives. Recent Bitcoin and altcoins crash will not reflect the plans, according to Christinat. The US stock exchange has been interested in the blockchain technology and cryptocurrencies since 2013, the Nasdaq executive explained.
“We got into the blockchain game five years ago, and when the technology first popped up, we just leant out of the window and shouted ‘hey come over here’ right at it,” Christinat explained.
“We’ve put a hell of a lot of money and energy into delivering the ability to do this, and we’ve been all over it for a long time – way before the market went into turmoil, and that will not affect the timing of this in any way. No. Period. We’re doing this no matter what.”
Several traditional and crypto players have been working on virtual coin-based derivatives as a way to diversify their portfolios and to attract institutional investors such as hedge funds in the digital currency market. At the first half of 2019, Bakkt, the forthcoming crypto trading platform of NYSE-owner ICE will also start offering BTC futures. Earlier this week, digital asset market OKEx launched perpetual crypto swaps.