FILE PHOTO: A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic/File Photo

(Reuters) - CME Group Inc CME.O on Friday said it will launch its bitcoin futures contract on Dec. 18 to provide a regulated trading platform for the cryptocurrency futures market.

The bitcoin futures, available for trading on the CME Globex electronic trading platform, will be cash-settled, CME said. reut.rs/2BqxD59

CME and Cboe Global Markets Inc CBOE.O received approval from the U.S. derivatives regulator to list bitcoin futures earlier in the day, after the rival bourses were able to show their proposed contracts and trading arrangements met the necessary regulatory requirements.

Nasdaq Inc NDAQ.O also plans to launch a futures contract based on bitcoin in 2018, according to a Reuters report.