B3, which is the Brazilian Stock Exchange, confirmed that it plans to introduce its first officially-approved product targeted toward the cryptocurrency market – bitcoin (BTC) Futures Trading within the next six months. The chief financial officer of the group, Andre Milanez, made the announcement in an interview on Monday.
Milanez didn’t provide any specifics on how the product would work. It’s unclear whether B3 will join forces or provide Bitcoin futures trading on its own however the timeline to launch this product was revealed to be quite small. “We are planning to launch bitcoin futures within about three or six months time,” the CEO said.
At the moment, in Brazil, the retail and institutional investors can trade 11 ETFs via B3 that have exposure to cryptocurrency, such as CRPT11, which is from Empiricus along with Vitreo; the NFTS11 from Investor QBTC11, QETH11, and QDFI11 both made by the QR Assets and META11 HASH11, BITH11 and ETHE11 DEFI11 WEB311 and BITH11, all of which are from Hashdex. Additionally, there is Brazil the country has more than 25 funds for investment endorsed by the Securities and Exchange Commission (CVM), which offers various types that offer exposure to the market for crypto-assets.
In January, Jochen Mielke de Lima, the director of the information technology of B3, previously stated that B3’s Brazilian stock exchange would introduce a variety of products that have exposure to cryptocurrency in 2022. These include Bitcoin, the futures market, and Ethereum (ETH) futures
The executive pointed out that the Brazilian exchange has been studying crypto markets from a technology perspective since 2016.