Ethereum: Investing in Ethereum futures now possible
A UK-based cryptocurrency trading platform has taken the initiative to launch trading in Ethereum (ETH) futures. Crypto Facilities has been offering Ripple (XRP) futures trading since 2016 and recently started offering ETH futures trading based on a successful XRP track record. The company indicated that it hopes to expand into other cryptocurrencies in the near future.
The company announced the new futures product this past Saturday, stating, "The first Ethereum futures to be offered by a regulated firm, the products will enable market participants to take a long or short position in the cryptocurrency, allowing them to broaden investment opportunities and manage risks more effectively."
It went on to explain, "The new contract expands Crypto Facilities’ derivatives offering which currently includes Bitcoin and Ripple futures. Crypto Facilities is a world-leading cryptocurrency trading platform for professionals, offering individuals and institutions regulated, transparent and secure trading 24/7/365. The firm provides CME Group, the world’s largest derivatives exchange, with the CME CF Bitcoin Reference Rate that powers CME Group’s Bitcoin futures.”
Crypto Facilities chose Ethereum because of its current popularity. With the smart contracts available through the Ethereum blockchain, it was a logical choice for the product. The company’s CEO, Toby Allen, anticipates that the launch will be a huge step forward for the development of the cryptocurrency asset class.
Ethereum is currently trading at about $792, an increase of 0.78% since yesterday. Some analysts predict that the digital currency could jump to as high as $2,500 by the end of this year.