The exchange operator, , has unveiled it is now going to review customer demand for ethereum futures contracts, following the launch of a daily benchmark value and a pricing index for ether.
The tracking prices for the second largest digital currency were by the exchange on Monday. They are based on data gathered from leading crypto platforms Kraken and Bitstamp and are calculated by the UK cryptocurrency derivatives exchange Crypto Facilities.
According to Tim McCourt, CME’s head of equity products, the company wants to see whether there is enough client interest to launch the new product and doesn’t have exact plans yet.
“We’ll continue to gauge with them to ascertain the demand for futures,” McCourt told during an interview at an industry conference in New York. “There are no plans at the exchange to launch one currently,” he added.
The exchange, McCourt noted, has detected there is obvious customer demand for physically-settled bitcoin futures contracts, as well as for the cash-settled ones offered by CME Group and CBOE.
“There’s a clear demand for it in the market; people would welcome that innovation,” McCourt said. “With physical delivery you have to figure out what to do with the bitcoin; are you going the custody route, are you going the private key route, those are very interesting questions and we’re looking forward to some of those solutions availing themselves in the market, but right now the community is best served by a financial contract.”
CME Group launched bitcoin futures product in December, 2017, a year after creating a bitcoin price index and a reference rate. Although the demand for the product had been lower than some anticipated, the exchange expects the growth of the trading volume of ethereum futures this time.
As McCourt noted, he doesn’t attribute the cryptocurrency decrease to the CME and CBOE’s bitcoin futures offering, noting the trading volume was too small to trigger the decline. “If you look at the notional that trades, it’s tough to say that futures were responsible for that selloff given the relatively small percentage contribution to bitcoin trading,” he said.
Just a few days ago, another cryptocurrency trading platform Crypto Facilities offering ethereum futures contracts currently regulated by the Financial Conduct Authority (FCA). With a new tool, investors will be able to broaden investment opportunities, effectively manage their risks and contributing to the market liquidity. The exchange already offers its customers the ability to trade futures for bitcoin and trade Ripple’s XRP tokens.
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Confident in the belief that all assets will be digitized in the future, investment platform has announced it will launch a cryptocurrency offering in the United States. The launch will initially enable U.S.-based users to invest in 10 cryptocurrencies, with more to be added throughout 2018. Users will have access to a community feed and tools, letting them engage in conversations about cryptocurrencies and follow the investment strategies of other U.S. users.
Since launching in 2007, eToro has established a market presence of more than 10 million registered users across 140 countries, including the United Kingdom, Australia, Germany, Switzerland and France. In 2009, the company launched a multi-asset web-based investment platform, and has since amassed more than $162 million USD in capital funding and enabled its services on mobile devices.
Yoni Assia, CEO and Co-founder of eToro, said: “Consumers all over the world should have access to the tools they need to participate in cryptocurrency markets, regardless of their expertise. We’re excited to make our platform available to U.S. users, who have shown a strong enthusiasm for participating in these growing markets. Within the platform, our U.S. users will find rich knowledge and insights into how to effectively trade and invest in cryptocurrencies. eToro will continue to focus on simplicity and user-friendliness so that more diverse groups will feel welcomed into the global crypto community. U.S. crypto holders have a strong appetite for diversified portfolios and we’re committed to offering the best tools and assets to help them manage their investments all in one place,”
Beginning on the 15th of May, 2018, U.S. users can visit the website to join the waiting list for the platform. Ahead of the platform going live, users will be able to experience the interface and perform mock cryptocurrency investments via a virtual portfolio. The 10 cryptocurrencies that will be initially available are: bitcoin, Ethereum, Litecoin, XRP, Dash, bitcoin Cash, Stellar, Ethereum Classic, NEO and EOS. eToro intends to integrate several more cryptocurrencies throughout 2018.
USA Managing Director at eToro, Guy Hirsch commented: “We are quickly moving toward a tokenized world, and digital investment platforms need to provide access to the assets investors want, allow the sharing of knowledge, and make transactions easy. eToro is committed to helping our users become better educated about both the risks and rewards that cryptocurrencies present, thereby enabling them trade and invest responsibly and successfully.”
The platform will offer U.S. investors three ways to access the crypto markets: by manually investing in a coin; by automatically copying the trades of other traders on the platform to benefit from their knowledge and investment expertise; or by investing in a Crypto CopyFund which provides a diversified portfolio of major crypto assets. eToro is regulated in Europe by Cyprus Securities and Exchange Commission and regulated in the UK by the Financial Conduct Authority.
