Joseph Christinat, vice president of Nasdaq’s media team, explained that the date of launching depends on the approval from the United States Commodity Futures Trading Commission (CFTC).
As per Christinat, the exchange has been working on boarding the cryptocurrency on its platform “for years”, and that the on-going year has been in important one to NASDAQ, as the latter focused in it, on its Bitcoin (BTC) futures product, confirming the exchange’s determination on making that happen.
“We’ve put a hell of a lot of money and energy into delivering the ability to do this and we’ve been all over it for a long time — way before the market went into turmoil, and that will not affect the timing of this in any way. No. Period. We’re doing this no matter what.”, said Christinat to the media, without confirming whether Nasdaq’s Bitcoin futures contract will be cash-backed, or physically settled.
The launch was planned to be earlier this year and was adjourned for improvements
Market reports informed earlier that the first physically delivered Bitcoin futures are expected to launch in January 2019 on Bakkt, the digital assets platform created by Intercontinental Exchange (ICE), which operates the New York Stock Exchange (NYSE).
Nasdaq had announced last year its intention of launching BTC futures by mid-2018. However, it soon updated that it would adjourn the launch time for improvement purposes in its product.
Nasdaq’s planned futures contract purports that its expected product will be the first of a set of “transparent, regulated and surveilled” digital assets, to launched in collaboration with U.S. investment firm VanEck, as part of the recently signed partnership agreement.
AtoZ Markets reported earlier that VanEck had filed for a BTC ETF Proposal, and is currently awaiting a final decision from the U.S. Securities and Exchange Commission (SEC) on its joint proposal for a physically backed Bitcoin exchange-traded fund (ETF), in association with the blockchain software and financial services firm SolidX.