Nasdaq is preparing to launch futures for bitcoin next year

Markets • November 27, 2018, 8:44AM EST
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U.S. equities exchange operator Nasdaq has pushed back its plans to launch a futures product for bitcoin, according to a report Tuesday by Bloomberg News. Reports first broke of Nasdaq's intentions to enter the bitcoin futures market in late 2017 when the price of the crypto was soaring towards $20,000 a coin. At the time, a source with direct knowledge of the firm's plans told this reporter that the futures product would go live in the second-half of 2018. Citing two people familiar with the matter, Bloomberg reported Tuesday that the firm will begin trading the product in the first quart of 2019. Its rivals — CME Group and Cboe Global Markets — launched their own futures markets in December 2017. With help from asset-manager VanEck, Nasdaq's futures will be based of the price of bitcoin across multiple spot exchanges, according to the report. (Bloomberg)

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Frank Chaparro profile picture Frank Chaparro

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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