Business 22 February 2019Steve Kaaru
The largest European futures market is diving into crypto
Cryptos may be 80 percent below their all-time-highs, but the interest is only rising. And now, the largest European futures and options market is diving into crypto futures.
As sources with knowledge on the matter revealed, Eurex is gearing up to launch a significant number of futures contracts tied to cryptos. It will join CME and Cboe Global Markets, two American platforms that have offered Bitcoin Core (BTC) futures since December 2017.
Speaking to The Block, the sources revealed that Eurex will launch futures tied to BTC, XRP and Ether. The firm has been interested in launching the products for over a year now. It has also met with a number of marketing firms about the products.
Based in Frankfurt, Germany, Eurex is operated by German securities giant Deutsche Börse AG. Deutsche Börse also operates several other trading platforms, including the Frankfurt Stock Exchange, Germany’s largest. The firm has been interested in launching crypto futures since December 2017. Back then, a German publication reported that the firm was in advanced stages with its plans. This would have made Eurex the first platform in Europe to offer such a product.
A spokesperson for Deutsche Börse was quoted saying. “We are thinking about futures, with which private investors and institutional investors can protect existing investments in bitcoin or set for falling prices of the cyber currency.”
Eurex becomes just the latest in a rapidly growing number of firms exploring crypto futures. The most prominent has been Bakkt, a platform operate by the Intercontinental Exchange (ICE). ICE also operates the New York Stock Exchange, the largest exchange globally. Bakkt’s launch has now been postponed as it awaits the approvals of the relevant oversight authorities.
While the Eurex crypto futures would be a great step ahead, it will not be the first time Deutsche Börse is interacting with blockchain technology. The firm partnered with blockchain liquidity provider HQLAx in March last year to develop a blockchain-based securities lending platform.
And just recently, it announced that it was making significant progress with the platform. Six banks have already initiated the connectivity process, with the launch being scheduled for the first half of 2019.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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