Author Topic: CBOE-Affiiliated Cryptocurrency Exchange to Add More Coins  (Read 853 times)

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CBOE-Affiiliated Cryptocurrency Exchange to Add More Coins
« on: March 11, 2018, 10:56:22 PM »

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The founders of institutional-friendly cryptocurrency exchange Gemini have stated their intent to add more cryptoassets to the trading platform in the near future, raising speculation that new cryptocurrency futures products could arrive in regulated US markets soon after.

Winklevoss Twins Want to Add More Coins to Gemini This Year
On Thursday, Gemini co-founders and prolific cryptocurrency investors Cameron and Tyler Winklevoss said that they hope to add more cryptoassets to the cryptocurrency exchange before the end of 2018, beginning with bitcoin cash and litecoin. At present, the exchange supports both bitcoin and ethereum trading.

Why bitcoin cash and litecoin? Because they “are from the Satoshi Nakamoto family tree,” Bloomberg reports Tyler Winklevoss as saying, referencing the fact that both protocols are derived heavily from the original Bitcoin codebase.

Aside from the fact that Gemini — more so than most exchanges — targets institutional traders and investors, the news is significant because Chicago-based options exchange CBOE — which sponsored the event at which the Winklevoss twins were speaking — uses Gemini pricing data for its bitcoin futures products.

Unsurprisingly, the report that Gemini may add more assets sparked speculation that these coins would not only arrive on the company’s spot trading platform but also CBOE’s derivatives exchange.

More Cryptocurrency Futures Inbound?
Indeed, CBOE executives have not been shy about their plans to add more cryptocurrency derivatives products in the future. Shortly after the exchange’s first bitcoin futures settled, CBOE president Chris Concannon said that they were already holding discussions about what other assets were liquid enough to merit derivatives products.

“You look at the entire crypto space and you look at what other products have the liquidity and the notional size, a derivative makes sense,” Chris Concannon, president of CBOE, said at the time.

Given CBOE’s relationship with Gemini, it is likely that it will continue to use this exchange’s pricing data for new cryptocurrency derivatives in the future. This likely means that ethereum futures will be next on the horizon, as this cryptoasset — second only to bitcoin in total market cap — is already traded on the platform.