April 10, 2018

ICE CEO Won't 'Rule Out' Crypto Futures Launch

The Intercontinental Exchange (ICE) won’t “rule out” cryptocurrency-based futures contracts.

ICE chief executive Jeffrey Sprecher discussed the issue in an interview with Bloomberg TV Monday, saying it is “early days” for the asset class, but that he could not ignore the idea of cryptocurrency futures contracts. He kept his comments vague, not discussing any particular cryptocurrencies or whether ICE has any definite plans to offer futures contacts based on them.

He added:

“I wouldn’t rule anything out … There is a trend here we can’t ignore in my mind, so I don’t discount it. People put more faith in a guy named Satoshi Nakamoto that no one has ever met than they do in the U.S. Fed.”

One of ICE’s subsidiaries – the New York Stock Exchange – has already entered the cryptocurrency space with an investment in crypto exchange Coinbase in 2015. The NYSE has further invested in a number of clearing houses, exchanges and marketplaces specializing in futures, options, swaps and other instruments. ICE recently announced that it would acquire the Chicago Stock Exchange.

The NYSE also filed to list bitcoin futures late last year, though no products have been approved for launch yet.

The firm’s rivals CME Group and Cboe Global Markets introduced futures contracts based on bitcoin prices in December, and Nasdaq is considering following suit. It is possible that contracts based on other cryptocurrencies are in the making as well. Reports in November indicated that an unknown firm going by the name “Virtuoso” was developing ether futures, and Cboe’s boss in December floated the idea of ether and bitcoin cash futures.

Sprecher likened the growing embrace of crytpocurrencies to other developments in tech – how, for example, New Yorkers are willing to hop into a car operating on a ride-sharing platform like Uber of Lyft, even though it hasn’t undergone the type of inspections and vetting as a city-certified yellow cab.

When asked again if futures were coming, Sprecher demurred, saying “I wouldn’t rule out anything around currency.”

Cryptocurrency image via Shutterstock.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Published at Tue, 10 Apr 2018 04:00:58 +0000

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The year 2017 has been incredibly positive for most cryptocurrency exchanges. All platforms saw their user base grow, which is always a positive outcome. At the same time, it also means these companies need to start upgrading their infrastructure sooner or later. Otherwise, they will suffer from degraded services, such as Kraken and Coinbase. Binance is halting new user registrations due to the overwhelming influx of new traders.

In a way, it is good to see exchanges halt new user registrations ahead of time. More specifically, if the infrastructure gets taxed too much, things will deteriorate pretty quickly. Companies such as Kraken and Coinbase know all too well how things can get out of hand. Binance wants to remain ahead of the curve at all times. To do so, they are not accepting any new users until an internal upgrade has been completed. A smart decision by the company, as it will avoid unnecessary friction.

A Major Step Forward by Binance

While this is not a popular decision, it does make a lot of sense.All services will remain operational for the time being. New users will simply have to wait until the infrastructure upgrade is complete. For now, we don’t know how long this will take, though. The popularity of Binance should not be underestimated by any means. It has quickly become one of the hottest altcoin exchanges in the world. That popularity will only increase further if they continue to provide an optimal service.

If Coinmarketcap is to be believed, Binance is the biggest cryptocurrency trading platform in the world. Their daily volume has surpassed $2.5bn, which is rather impressive. It simply makes sense to implement the necessary upgrades at such a critical time. After all, if the company were to suffer from issues, their reputation would take a major hit. It’s always best to scale well in advance, rather than wait for problems to arise. There is still a growing demand for cryptocurrencies, that much is rather evident.

Such rapid growth in the world of cryptocurrency is rather unprecedented. After all, things were trucking along nicely until mid-2017. Ever since it feels as if we are in a new gold rush era. Everyone wants to sue exchanges and buy cryptocurrency. A positive development, assuming companies can scale quickly enough. Whether or not Binance will be successful in doing so, remains to be determined. Their course of action certainly hints at a positive future in this regard.

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