CFTC-approved exchange Bitnomial is set to offer XRP futures
Bitnomial has notified the Commodity Futures Trading Commission that the new product is intended to trade after Aug. 13.
The execution of these futures will take place on the exchange's electronic trading platform. The contracts will be cleared through a derivatives clearing organization that is registered with the CFTC.The exchange has noted that XRP is already being traded on several domestic and foreign markets, which is why market manipulation is"unlikely."Bitnomial will publish trading volumes recorded by these futures as well as open interest levels on a daily basis.
In December, the CFTC greenlit Bitnomial's application to register as a DCO, which made it possible for it to offer options and margined futures. There were some concerns about potential conflicts of interest, and one of the commissioners ended up voting against Bitnomial's application. Prior to that, it was allowed to list futures and options in 2020. It joined such names as CME, Cboe, and Bakkt. , prominent ETF analyst Nate Geraci explained that regulated futures contracts are a must for a certain altcoin before it can experience some ETF buzz.
Hence, Bitnomial's new product could be a major step toward the introduction of an XRP ETF in the US. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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