Goldman Sachs gearing up to launch Bitcoin futures

Goldman Sachs gearing up to launch Bitcoin futures

Investment banking giant Goldman Sachs is taking a step into the cryptocurrency space as it looks to launch its own Bitcoin (BTC) futures product soon, The New York Times reported.

The bank will reportedly use its own funds to trade the futures in the cryptocurrency, although these will be on behalf of its clients. It is intriguing that Goldman will be taking this step as it has pronounced itself rather against BTC and the larger cryptocurrency market in the past.

BTC futures are a slightly controversial product since they seem to centralize the movement of the cryptocurrency, which was founded on the very principle of decentralization. In fact, several cryptocurrency enthusiasts have blamed the introduction of BTC futures in December for the massive fall in the value of the cryptocurrency market in January, when prices dropped by as much as 70% in some cases. However, other analysts said the futures market has given some legitimacy to the whole cryptocurrency market as a whole, dismissing fears that it’s some kind of bubble.

According to the New York Times report, the launch date of the Goldman Sachs BTC futures is not yet known but the initiative has the approval of the board of directors who signed off on the proposal a few days ago. The news outlet indicated that Goldman Sachs is about to create its own more flexible version of a BTC future known as a non-deliverable forward, which will eventually be delivered to its clients.

Speaking to The Times, Goldman Sachs executive Rana Yared explained that the decision to introduce BTC futures was taken after a huge amount of interest from its clients who showed the wish of holding the cryptocurrency as an alternative asset in their portfolios.

Goldman Sachs appeared to be serious on this initiative since they hired digital asset trader Justin Schmidt. Schmidt, who will be handling the bank’s daily operation, has previous experience at hedge fund Seven Eight Capital before he entered the cryptocurrency trading market last year.

This development demonstrates the continued involvement of Goldman Sachs in the crypto market. CEO Lloyd Blankfein had already stated that the bank was clearing BTCn futures for its clients whilst any further action on the proposal would depend on clearance by U.S. regulators.

Yared also indicated that the decision was not taken lightly: “For almost every person involved, there has been personal scepticism brought to the table. It is not a new risk that we don’t understand. It is just a heightened risk that we need to be extra aware of here.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
NYSE: Investors trust cryptocurrency more than Federal Reserve

NYSE: Investors trust cryptocurrency more than Federal Reserve

When the economic recession hit around the world in 2008, something good came out of it—the world’s first cryptocurrency, Bitcoin. It also began a certain amount of distrust with traditional trading mechanisms, which continues to today. Ten years later, cryptocurrencies are poised to transform the global currency environment and are becoming the go-to option for seasoned investors, as well as neophytes just getting in on the game. So popular is cryptocurrency as an investment option that even the chief executive of the International Exchange Inc. (ICE), owner of NYSE, admits that crypto is trusted more than the Federal Reserve.

In a recent interview with Bloomberg, ICE CEO Jeffrey Sprecher said that cryptocurrencies shouldn’t be viewed as an alternative investment, and that ICE was considering a futures contract option in the future. Sprecher went on to add, “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. (Federal Reserve).”

Cryptocurrency’s immaturity has a tendency to keep a lot of investors away, although this is rapidly changing. Nonetheless, just as stock exchanges went through a “growing up” period when they were first launched, so will crypto. In Sprecher’s words, “I wouldn’t rule out anything around currency.”

Sprecher indicated that ICE has all its cards on the table, and is strongly considering Bitcoin (SegWit-Coin BTC) futures.  If the year plays out as analysts expect, with a second half that rivals last year’s activity, ICE could definitely make the move.

Bitcoin futures are currently available only on two exchanges—CBOE and CME. Both exchanges, based in Chicago, are leading the charge while others watch and wait to see how they perform. Colorado-based LedgerX has also stepped up, offering a small line of Bitcoin derivatives. Those that aren’t quite ready to pick up the ball could find themselves having to play a lot of catch-up, or sit on the bench.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
SEC considers listing more Bitcoin ETFs on NYSE Arca

SEC considers listing more Bitcoin ETFs on NYSE Arca

More Bitcoin exchange-traded funds (ETFs) are reportedly closer to being listed on NYSE Arca, the first all-electronic exchange in the United States.

According to documents made public by the U.S. Securities and Exchange Commission, two Bitcoin ETF proposals are being considered. The main point to be discussed and debated is whether Pro Shares can list two exchange traded funds on NYSE Arca.

It is intriguing to note that ProShares Bitcoin ETF and ProShares Short Bitcoin ETF will be holding Bitcoin futures contracts for trading. This will enable retail investors to invest directly in SegWit-Coin BTC (also inaccurately referred to as Bitcoin Legacy or Core). ProShares Short Bitcoin ETF will also enable investors to “short” SegWit-Coin BTC, which, as we all know, could have a considerable negative effect on the price. At the moment, SegWit-Coin BTC has been trading perilously close to its historic 2018 low of $5,800—at around $6,500 having lost almost 15% in value from last Monday when the price was briefly flirting with the $7,500 mark.

In its order, the SEC said it “is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act to determine whether the proposed rule change should be approved or disapproved. Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change.”

This is not the first time that ProShares had proposed to list its ETFs. In September, when the cryptocurrency had started its bull run, the company had already proposed listing its shares on the NYSE Arca. However, they were pipped to it by other funds that eventually listed in December with the consequent negative consequences on the cryptocurrency. Apparently, the SEC had requested for the owners of the fund to withdraw their applications as investor protection had not yet been put in place.

Cboe President Chris Concannon recently wrote to the SEC proposing that Bitcoin ETF proposals should be considered on a case-by-case basis, which makes them different than a particular product class. Concannon said that Cboe had already managed to close several successful rounds of Bitcoin futures with the market maturing at a steady pace. This would make it eligible for a regulated ETF in the not too distant future, according to Concannon.

According to the SEC guidelines, the rule changing these futures listings has to be published in the Federal Register, with the public allowed 21 days to comment and another 14 days to submit any rebuttals.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/sec-considers-listing-bitcoin-etfs-nyse-arca/

CFTC staff gets green light to trade cryptocurrency

CFTC staff gets green light to trade cryptocurrency

After receiving “numerous inquiries,” the U.S. Commodity Futures Trading Commission (CFTC) has given its employees the go signal to invest in cryptocurrencies.

In a Feb. 5 memo, CFTC general counsel Daniel Davis told agency staff that they can trade digital tokens like they would corn, oil, precious metals, and other commodities, according to a Bloomberg report. The decision, Davis said, was in response to the inquiries the regulator received from CFTC employees.

The guidelines, however, warned CFTC employees against trading cryptocurrencies on margin as well as using inside information they picked up in the work at the agency, especially if the nonpublic information has the potential to impact the trade. Likewise, investing in the Bitcoin futures that CFTC regulates is also forbidden.

“In this environment, the situation is ripe for the public to question the personal ethics of employees engaging in cryptocurrency transactions,” Davis wrote, urging CFTC staff members to avoid actions that could result in them “violating the law or government and commission ethical standards.”

The commodities regulator first defined cryptocurrency as a commodity in 2014, effectively placing digital coins under the purview of the agency. At the time, CFTC’s supervision are mostly enforcement actions against alleged fraud schemes—the agency doesn’t have authority to supervise cryptocurrency exchanges, which are regulated under state money transmitter laws.

CFTC, however, has direct control of the U.S. cryptocurrency futures markets. In December, CFTC Chairman J. Christopher Giancarlo gave CME and CBOE the go signal to list Bitcoin futures contracts on their trading platforms.

Giancarlo, who is known for his “relaxed approach to cryptocurrency regulation, was reportedly among those who inquired about a CFTC ethics guidelines to ensure that there won’t be a  conflict of interest.

“The chairman has made it clear that staff members who own Bitcoin should not participate in matters related to Bitcoin, as it presents a conflict of interest,” Erica Richardson, spokeswoman for Giancarlo, told the news outlet.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
US corporate investors shut out of Bitfinex margin trading

US corporate investors shut out of Bitfinex margin trading

Corporate investors in the United States reported difficulties accessing Bitfinex’s margin trading facility, in the wake of news that the exchange was shutting margin services for individual investors.

According to comments posted from several corporate investors on Reddit over the past few days, Bitfinex margin facilities appeared to have been closed to their investments, despite prior reassurances from the exchange.

When Bitfinex terminated margin trading services to U.S. individuals back in November, they specified explicitly that corporate investors would not be affected and would continue to enjoy uninterrupted access to trading cryptocurrency markets on margin.

However, following the slew of comments on Reddit and elsewhere, it now appeared as though the situation may have changed suddenly over the past few days.

For some investors on Reddit in particular, the disruption caused significant difficulties, including an inability to manage open positions.

“We’ve had a corporate account with Bitfinex since early 2017 and [are] approved for both exchange, margin, and funding. […] We’ve been making 6-figure trades on margin and currently have 2 margin positions open. On Feb 7th, […] we were locked out of margin trading. No explanation or warning of why our account can’t trade on margin,” according to one Reddit user.

“Worst yet, we can’t manage our margin positions. Not good in this very volatile market. We’ve received a couple of liquidation warning emails as the market dived down yesterday. We sent a support ticket […] and probably over 7 emails. No response from Bitfinex. It appears that they haven’t even opened any of the emails,” another use said.

Shortly thereafter, a response was posted to these concerns, advising that the issue had been forwarded for immediate attention. Interestingly, the representative from Bitfinex explained that U.S. corporate investors should not be trading on margin—creating further confusion.

At the time of writing, it remained unclear whether Bitfinex has changed its policy, and whether any change will be a temporary or permanent measure. Nevertheless, the confusion has been causing concern among margin traders, including investors with significant margin positions in often volatile cryptocurrency markets. While the matter remains unresolved, corporate customers were likely to remain concerned about the future of their open positions, and their margin facilities.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Suitability concerns spur Merrill Lynch to ban BTC fund, futures trading

Bank of America’s brokerage arm Merrill Lynch has barred its roughly 17,000 financial advisers from buying SegWit1x (BTC)-related investments on behalf of their clients.

The Wall Street brokerage issued an internal memo last December informing its brokers that they are forbidden from pitching BTC-related investments, according to The Wall Street Journal, citing sources familiar with the matter. The financial advisers are also banned from executing client trading in the Grayscale Investment Trust Bitcoin fund (GBTC).

“The decision to close GBTC to new purchases is driven by concerns pertaining to suitability and eligibility standards of this product,” according to the memo reviewed by the news outlet.

Under the new policies, clients with existing positions in the GBTC are allowed to maintain their brokerage accounts, but clients with fee-based advisory accounts will have to sell their holdings in the Bitcoin fund.

The new policies went into effect last Dec. 8, 2017, several days before the scheduled launch of the first Bitcoin futures. Merrill Lynch already banned access to the bitcoin futures that the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (Cboe) launched in mid-December.

The Bitcoin Investment Trust, which is traded over the counter, is described as an open-ended trust that is invested exclusively in Bitcoin and derives its value from the price of the cryptocurrency. GBTC is one of the cryptocurrency funds offered by Barry Silbert’s Grayscale Investments, alongside Ethereum Classic Investment Trust and ZCash Investment Trust.

Merrill Lynch’s ban on Bitcoin-related investment trading is the latest sign that many of the too-big-to-fail Wall Street giants are still on the safe side when it comes to dealing with cryptocurrencies, although there are some brokerages that are already examining the possibility of launching a trading operation involving BTC in response to the increased interest among their clients.

Case in point is JPMorgan Chase, which is reportedly considering whether to provide its clients access to CME’s BTC product through its futures-brokerage unit, even though its chief executive remains to be an outspoken critic of the cryptocurrency. Last year, Dimon infamously called BTC a “fraud” that will eventually “blow up,” and even went as far as threatening to fire “in a second” any JPMorgan trader who will deal with the cryptocurrency.

Goldman Sachs, meanwhile, has started looking at building “a full-fledged team of traders and sales people” for its own trading operation, according to reports.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Suitability concerns spur Merrill Lynch to ban BTC fund, futures trading

Bank of America’s brokerage arm Merrill Lynch has barred its roughly 17,000 financial advisers from buying SegWit1x (BTC)-related investments on behalf of their clients.

The Wall Street brokerage issued an internal memo last December informing its brokers that they are forbidden from pitching BTC-related investments, according to The Wall Street Journal, citing sources familiar with the matter. The financial advisers are also banned from executing client trading in the Grayscale Investment Trust Bitcoin fund (GBTC).

“The decision to close GBTC to new purchases is driven by concerns pertaining to suitability and eligibility standards of this product,” according to the memo reviewed by the news outlet.

Under the new policies, clients with existing positions in the GBTC are allowed to maintain their brokerage accounts, but clients with fee-based advisory accounts will have to sell their holdings in the Bitcoin fund.

The new policies went into effect last Dec. 8, 2017, several days before the scheduled launch of the first Bitcoin futures. Merrill Lynch already banned access to the bitcoin futures that the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (Cboe) launched in mid-December.

The Bitcoin Investment Trust, which is traded over the counter, is described as an open-ended trust that is invested exclusively in Bitcoin and derives its value from the price of the cryptocurrency. GBTC is one of the cryptocurrency funds offered by Barry Silbert’s Grayscale Investments, alongside Ethereum Classic Investment Trust and ZCash Investment Trust.

Merrill Lynch’s ban on Bitcoin-related investment trading is the latest sign that many of the too-big-to-fail Wall Street giants are still on the safe side when it comes to dealing with cryptocurrencies, although there are some brokerages that are already examining the possibility of launching a trading operation involving BTC in response to the increased interest among their clients.

Case in point is JPMorgan Chase, which is reportedly considering whether to provide its clients access to CME’s BTC product through its futures-brokerage unit, even though its chief executive remains to be an outspoken critic of the cryptocurrency. Last year, Dimon infamously called BTC a “fraud” that will eventually “blow up,” and even went as far as threatening to fire “in a second” any JPMorgan trader who will deal with the cryptocurrency.

Goldman Sachs, meanwhile, has started looking at building “a full-fledged team of traders and sales people” for its own trading operation, according to reports.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Deutsche Boerse considers European BTC futures

German exchange Deutsche Boerse has announced plans that could see SegWit1x (BTC) futures traded on European exchanges for the first time, following the launch of futures trading on two U.S. exchanges.

The Frankfurt-based exchange group said that it was reviewing early futures trading in the U.S., which began for the first time last week, admitting that it may be ‘some time’ before a final decision is made on whether to bring futures to European markets.

If Deutsche Boerse goes ahead with the decision to roll out futures, it would become the first time BTC futures have been sold on a European exchange, and could open up investment in BTC to a new class of large investor.

According to local press, Deutsche Boerse sees opportunities for both private and institutional investors to hedge their positions, as well as to capitalize on upwards and downwards movements in price.

“We are thinking about futures, with which private investors and institutional investors can protect existing investments in Bitcoin or set for falling prices of the cryptocurrency,” the exchange said.

If Deutsche Boerse confirms their plans, the futures contracts would be made available on their Eurex exchange platform, which would open up BTC futures to a much wider audience, including hedge funds, asset managers and investment banks.

BTC futures contracts went live on U.S. exchange CBOE last week for the first time, and are slated to go live on a second exchange, courtesy of exchange group CME, later in December.

The futures contracts allow institutional investors including hedge funds to speculate on price movements in the underlying market, without requiring ownership of any cryptocurrency—an important factor for some funds restricted by regulatory issues.

The debut of futures at CBOE saw BTC prices rise still further, breaching the $17,000 threshold for the first time. Investors will be hoping for a similar response when the contracts are first traded on CME, the world’s largest exchange group, later in the month.

The news marks the latest sign of BTC gaining mainstream financial acceptance, and any further movement on futures trading would further cement digital currencies as a legitimate investment for institutional money.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Deutsche Boerse considers European BTC futures

German exchange Deutsche Boerse has announced plans that could see SegWit1x (BTC) futures traded on European exchanges for the first time, following the launch of futures trading on two U.S. exchanges.

The Frankfurt-based exchange group said that it was reviewing early futures trading in the U.S., which began for the first time last week, admitting that it may be ‘some time’ before a final decision is made on whether to bring futures to European markets.

If Deutsche Boerse goes ahead with the decision to roll out futures, it would become the first time BTC futures have been sold on a European exchange, and could open up investment in BTC to a new class of large investor.

According to local press, Deutsche Boerse sees opportunities for both private and institutional investors to hedge their positions, as well as to capitalize on upwards and downwards movements in price.

“We are thinking about futures, with which private investors and institutional investors can protect existing investments in Bitcoin or set for falling prices of the cryptocurrency,” the exchange said.

If Deutsche Boerse confirms their plans, the futures contracts would be made available on their Eurex exchange platform, which would open up BTC futures to a much wider audience, including hedge funds, asset managers and investment banks.

BTC futures contracts went live on U.S. exchange CBOE last week for the first time, and are slated to go live on a second exchange, courtesy of exchange group CME, later in December.

The futures contracts allow institutional investors including hedge funds to speculate on price movements in the underlying market, without requiring ownership of any cryptocurrency—an important factor for some funds restricted by regulatory issues.

The debut of futures at CBOE saw BTC prices rise still further, breaching the $17,000 threshold for the first time. Investors will be hoping for a similar response when the contracts are first traded on CME, the world’s largest exchange group, later in the month.

The news marks the latest sign of BTC gaining mainstream financial acceptance, and any further movement on futures trading would further cement digital currencies as a legitimate investment for institutional money.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Other brokers remain mum over Bitcoin futures despite CME and Cboe Move

As the bitcoin futures race progresses, will other firms make a U-turn on cryptocurrency futures trading?

Despite the ruckus created by what is seen as Wall Street’s effort to keep up with the cryptocurrency boom, other brokers are staying on the safe side—at least for now.  So far, the Chicago Mercantile Exchange (CME), the Chicago Board Options Exchange (Cboe), and the National Association of Securities Dealers Automated Quotations (NASDAQ) are leading the bitcoin futures race.

A futures contract protects a holder from the risks of a possible loss by “freezing” the value of assets to an agreed amount in an agreed span of time. It also means any possible profit beyond this agreed value is awarded to the other party—in this case the brokerage firm, which assumes the risk of potential losses in exchange for this potential profit.

But due to the volatile nature of cryptocurrencies, several brokerage firms remain adamant in adding them to their futures trading platforms. This was the case with CME a few months ago before finally “giving in to client demand.” Back then, CME Group president Bryan Durkin said they had no plans of adding BTC to its futures trading, saying “I really feel that bitcoin is very nascent right now.” He added in an interview on Bloomberg Television: “I really don’t see us going forward with a futures contract in the very near future.” They have made a complete U-turn on their stance since and will be launching their bitcoin futures contracts on December 18. Cboe says they will follow shortly before the year ends.

JP Morgan, whose CEO Jamie Dimon went on a series of infamous tirades against bitcoin earlier (and said he would fire any of their traders if they are caught trading bitcoin), has also gone on reverse and now says they are considering BTC futures trading—even going so far as to say that Bitcoin may be the new gold.

While these companies are now in on the trend, the rest remain on the safe side. Ally Invest held a wait-and-see strategy, with president Rich Hagen saying they will offer the product immediately when CME does. Fidelity, on the other hand, said they currently have no plans to offer it, while others—like Charles Schwab Corp and Bank of America Corp. declined to comment, according to Bloomberg.

It can be noted that some have expressed complete opposition to bitcoin futures trading. Interactive Brokers chairman Thomas Peterffy said last month that bitcoin futures can “destabilize the real economy,” in an open letter to addressed to Commodity Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Other brokers remain mum over Bitcoin futures despite CME and Cboe Move

As the bitcoin futures race progresses, will other firms make a U-turn on cryptocurrency futures trading?

Despite the ruckus created by what is seen as Wall Street’s effort to keep up with the cryptocurrency boom, other brokers are staying on the safe side—at least for now.  So far, the Chicago Mercantile Exchange (CME), the Chicago Board Options Exchange (Cboe), and the National Association of Securities Dealers Automated Quotations (NASDAQ) are leading the bitcoin futures race.

A futures contract protects a holder from the risks of a possible loss by “freezing” the value of assets to an agreed amount in an agreed span of time. It also means any possible profit beyond this agreed value is awarded to the other party—in this case the brokerage firm, which assumes the risk of potential losses in exchange for this potential profit.

But due to the volatile nature of cryptocurrencies, several brokerage firms remain adamant in adding them to their futures trading platforms. This was the case with CME a few months ago before finally “giving in to client demand.” Back then, CME Group president Bryan Durkin said they had no plans of adding BTC to its futures trading, saying “I really feel that bitcoin is very nascent right now.” He added in an interview on Bloomberg Television: “I really don’t see us going forward with a futures contract in the very near future.” They have made a complete U-turn on their stance since and will be launching their bitcoin futures contracts on December 18. Cboe says they will follow shortly before the year ends.

JP Morgan, whose CEO Jamie Dimon went on a series of infamous tirades against bitcoin earlier (and said he would fire any of their traders if they are caught trading bitcoin), has also gone on reverse and now says they are considering BTC futures trading—even going so far as to say that Bitcoin may be the new gold.

While these companies are now in on the trend, the rest remain on the safe side. Ally Invest held a wait-and-see strategy, with president Rich Hagen saying they will offer the product immediately when CME does. Fidelity, on the other hand, said they currently have no plans to offer it, while others—like Charles Schwab Corp and Bank of America Corp. declined to comment, according to Bloomberg.

It can be noted that some have expressed complete opposition to bitcoin futures trading. Interactive Brokers chairman Thomas Peterffy said last month that bitcoin futures can “destabilize the real economy,” in an open letter to addressed to Commodity Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Cboe considers adding Bitcoin Cash to its futures trading market

Despite barely four months in existence, BCH is gaining attention quick.

The Chicago Board Options Exchange (CBOE) did not waste time: very shortly after receiving the go-signal to list bitcoin futures contracts on its trading platform from the U.S. Commodity Futures Trading Commission (CFTC), CBOE has hinted at possibly including other cryptocurrencies, such as Ether (ETH) and Bitcoin Cash (BCH)—despite the latter having existed for barely four months.

BCH was created in August this year to escape what was seen as a power grab by central bankers over the legacy chain, which retained the ticker symbol BTC despite veering away from the core visions outlined in the Satoshi Nakamoto white paper. Despite its very young age, BCH has been on a steady run with its value playing over the $1,500 mark. Transactions are currently going smoothly at an average of less than 10 minutes per block, with an average transaction fee of $0.159 as of writing.

Last week, the BCH developer community has announced a planned upgrade from the 8Mb block size to 32Mb, which is targeted to kick in next year.

Adding more cryptocurrencies could help the CBOE compete in the age of cryptocurrencies, as its rival CME is set to launch Bitcoin futures on December 18. The world’s second largest stock exchange, Nasdaq, is also in on the game and will be launching their own Bitcoin futures contract next year.

Despite the heated competition, CBOE president Chris Concannon commends CME chair Terry Duffy for spearheading the move towards including cryptocurrencies in futures trading, saying that “this is the beginning of what will become a major asset class over the next 10 years.”

Concannon says that the launch date announcement should come soon and that they are targeting to release their futures contracts before the year ends.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.