NASDAQ to launch Bitcoin futures during first half of next year
Despite the cryptocurrency market slide, a number of "traditional" financial institutions are preparing to move further into crypto. Fidelity Investments, Intercontinental Exchange-backed Bakkt and the NASDAQ stock exchange have all indicated that they are planning to offer crypto investment products at some point in the near future. While all have had to delay their entrances for one reason or another, NASDAQ has said that it is moving forward and expects to introduce Bitcoin (BTC) futures sometime early next year.
The exchange's VP of Communications, Joseph Christinat, said during a recent interview with UK media outlet The Express, “[T]here’s been more than enough work dedicated into the endeavor to make remove the question of regulatory approval. We will do this, and it is definitely happening.” The main hurdle standing in NASDAQ's way, according to the executive, is receiving approval by the Commodity Futures Trading Commission.
NASDAQ wants to introduce a wide range of cryptocurrency products, but expects futures to be the first it offers. It isn't yet known if the futures will be physically settled, such as those offered by CME Group and the CBOE, or if they will be cash-backed, the method expected to be introduced when Bakkt launches its platform.
Christinat further stated, “We have put in plenty of financial resources and energy into delivering the capability to make this operational, and we’ve been on it for quite some time. Long before the market turbulence. The current atmosphere won’t affect our timeline in any way. We are going to do this no matter what comes.”
NASDAQ had expected to introduce the futures this past summer; however, like most companies, has had to overcome obstacles to be able to legally enter the space. Hopefully, it will be able to stay on track and launch its platform as anticipated.