With world in grip of bitcoin mania, CBOE overtakes US rival in race to offer futures first
Cboe Global Markets upstages US rival CME Group by launching its ‘XBT’ futures eight days earlier on December 10 and plans to offer trading for free through the month to build liquidity in the cryptocurrency
Cboe Global Markets has jumped ahead of its rival to become the first exchange in the world to launch bitcoin futures trading from December 10, as major exchanges join the bandwagon to exploit the cryptocurrency craze sweeping over investors.
Analysts said the moves by prominent exchanges to embrace bitcoin indicate that institutional investors’ demand for the digital currency is increasing, which could give bitcoin more credibility and possibly fuel its prices further.
The Cboe Futures Exchange (CFE) said on Monday night it plans to offer trading in bitcoin futures beginning 5pm North American Central Standard Time on Sunday. Trading will be free through December.
The move comes soon after CME Group, the parent of Chicago Mercantile Exchange, announced last week it would launch bitcoin futures on December 18.
“Given the unprecedented interest in bitcoin, it’s vital we provide clients the trading tools to help them express their views and hedge their exposure,” said Ed Tilly, chairman and chief executive officer of Cboe Global Markets. “To promote this, we will initially offer XBT [bitcoin ticker symbol] futures trading for free.”