The Chicago Board Options Exchange (CBOE) has partnered with Gemini, the bitcoin exchange backed by investors Cameron and Tyler Winklevoss, as part of a bid to launch cryptocurrency derivatives trading.

According to the Wall Street Journal, the agreement will find the CBOE leveraging Gemini’s data for the launch of dedicated product listings in 2017. Opened to traders in 2015, Gemini is a New York-based exchange offering bitcoin and ether markets, as well as daily auctions of the cryptocurrencies.

The CBOE is still waiting for regulatory approval on the move, the report said, which would provide institutional investors with an avenue to hedge against volatility in the fast-growing cryptocurrency markets. Already, the total value of all cryptocurrencies from just over $10 billion at the start of the year, to a high of $115 billion in June.

Further, the announcement comes at a time when institutional investors are increasingly taking note of this price appreciation, and are seeking to determine opportunities for the technology that fit into their existing business models.

Most notably, it follows a decision by the Commodities Futures Trading Commission to grant a license to LedgerX last week that would allow it to clear and custody cryptocurrency derivatives for assets like bitcoin and ether.

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