Russian Brokerage Firm Launches CBOE Bitcoin Futures Trading
Moscow-based online brokerage firm Finam will allow its customers to trade bitcoin futures from Chicago Board Options Exchange (CBOE), with CME futures coming at some point later.
According to the statement on Finam’s website Monday, bitcoin futures will be available to qualified investors only under XBTC ticker.
“The demand for the service stems from the absence of safe ways of working with cryptocurrencies. This service will reduce uncontrolled risks of loss or non-return of the invested funds,” says the company.
The cash-settled bitcoin futures allow investors and speculators to place bets on whether bitcoin will soar or slip, without holding bitcoin itself.
CBOE futures are based on the auction price of bitcoin in U.S. dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs and brothers Cameron and Tyler Winklevoss.
“The launch of such a service is a sign that the company is keeping up with the times. We do not talk about the cryptocurrency prospects, neither do we make any forecasts about when it will collapse. We just created a product that meets the expectations of our customers. Before that, those who wanted to invest in cryptocurrency had to turn to dubious organizations which often had no contact information. Now the investor can take advantage of the brokerage company which has all the necessary licenses and whose activities are under the supervision of authorized bodies,” added Finam spokesperson.
The company also says the CME Group futures will be available to investors at a later date.
Finam is part of a major privately owned financial group, Finam Holdings. The firm was founded over 22 years ago and is one of the first financial intermediaries in Russia.
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