The second largest exchange in the world Nasdaq Inc has decided to go ahead with its plan to launch Bitcoin Futures.

Two people familiar with the matter told Bloomberg that Nasdaq is likely to launch the futures trading in Q1 next year. The futures will be based off the prices on various spot exchanges compiled by VanEck. VanEck is already working on a Bitcoin index obtained from three of the most reputed Crypto OTC Desks which will also be used as a base for its ETF.

According to the report, Nasdaq is still working to satisfy the needs of the Commodity Futures Trading Commission (CFTC) who is the main regulator for futures products.

Nasdaq got involved in Cryptocurrencies this year by providing its market surveillance technology to Winklevi owned Gemini exchange and by acquiring the Crypto friendly Swedish exchange Cinnobar.

The New York-based exchange had first shown interest in launching a Bitcoin Futures product back in November last year, but CME and CBOE managed to launch Bitcoin futures in December before Nasdaq.

It is remarkable that Nasdaq is still planning to launch the futures despite the Crypto markets plummeting this year which suggests that there is still demand in Cryptocurrencies from their customers. Bitcoin has dropped over 82% from $20000 to less than $4000 in less than a year.

Blockmanity’s Take

The Crypto industry has seen the most institutional players enter the market this year even though the prices have tanked significantly.

Fidelity launched a Crypto trading platform for Bitcoin and Ethereum.

ICE’s Bakkt is set to launch in January 2019.

Various university endowments like Harvard and Yale invest in Crypto funds

Even though the prices don’t reflect the developments happening in the space, the infrastructure is being built for the next big wave of investors to enter this space.

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Get the latest news on Blockchain only on Blockmanity.com. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better