According to recent reports (on the news that the second-largest stock exchange in the world will soon launch its own Bitcoin Futures), Nasdaq has now confirmed that its long-awaited Bitcoin Futures will commence in the first half of next year. The news was reported by The Express on Monday, Dec. 3. As earlier reported two inside sources from Nasdaq had already revealed the plans of the exchange to Bloomberg late last month. Now the company has spoken up and all but confirmed its plans for the first half of the new year.
Nasdaq Clarified Issues About the Launch Citing Pending Regulatory Approval
The confirmation of the news yesterday by the Vice President of Nasdaq’s media, Joseph Christinat, also offered more incite on the project. The company executive clarified the public that the launch is still pending subject to regulatory approval from the CFTC (United States Commodity Futures Trading Commission).
Although Christinat confirmed that “there’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, ” he said.
Christinat in his interview with The Express of the United Kingdom also revealed that the stock market giant had set its sights on the cryptocurrency space for a number of years now. Adding that the startup has worked on its Bitcoin Futures product for most of this year. In his words:
“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.”
Bitcoin (BTC) Price Today – BTC / USD
Will The Futures Be Based on a Cash-backed Contract?
We can report that Chrisinat’s interview with the Express didn’t confirm whether Nasdaq’s new Bitcoin futures contract is going to be physically settled or cash-backed (i.e., returns will be paid in Bitcoin rather than fiat currency). However, while cash-backed Bitcoin Futures contracts entered the market on CME Group and CBOE on December 2017, Bakkt will reportedly launch the first physically delivered Bitcoin Futures by January next year. Bakkt is created by the operator of NYSE (the New York Stock Exchange), ICE (Intercontinental Exchange).
Early 2019 Wasn’t the First Date Chosen for the Launch
We can recall that in November 2017, Nasdaq had reportedly indicated that it was going to launch Bitcoin Futures by the middle of 2018. Soon, however, the company said it would defer the rollout date in order to form a “unique enough” offering.
According to the report, Nasdaq’s Futures contract will be the first product of a set of regulated, transparent and surveilled digital asset products. It will be launched jointly as part of the recent partnership with VanEck the US investor.
For their part, VanEck is currently awaiting a decision from The Securities and Exchange Commission on its joint proposal to proceed with the launch of a physically backed Bitcoin ETF with SolidX the financial services and Blockchain software firm.