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B3, Brazil’s stock exchange to roll out BTC and ETH futures

Brazilian stock exchange B3 is gearing up to launch its first official product targeting the crypto market. A report unveiled this news today, citing B3’s Chief Financial Officer, Andre Milanez. He announced this bullish news during a conference call on Monday. Specifically, Milanez said B3 seeks to roll out Bitcoin (BTC) futures trading within six months.

According to the report, Milanez did not share how the product offering would work. It remains unclear whether B3 will team up with another firm or offer the BTC futures product directly. However, Milanez revealed that the timeline for rolling out the offering would be fairly short.

Specifically, he said,

We plan to launch bitcoin futures in the next three to six months.

At the moment, institutional and retail investors can trade 11 crypto-linked exchange-traded funds (ETFs) via B3. These are CRPT11 from Empricius with Vitreo, Investo’s NFTS11, QBTC11, QETH11, and QDFI11 from QR Assets, and Hashdex’s META11, HASH11, BITH11, ETHE11, DEFI11, and WEB311.

On top of this, Brazil offers over 25 investment funds, which the Securities and Exchange Commission (CVM) has approached. All 25 investment funds offer investors exposure to the digital assets market.

B3 continues expanding its crypto offerings

This news comes after B3’s Director of Information, Jochen Mielke de Lima, announced that the exchange would roll out multiple crypto-centric products, including BTC and ETH futures. At the time, he said B3 had been observing the crypto market from a technological point of view since 2016.

According to de Lima, B3 only needed to settle the issue of whether negotiations would be carried out against the US dollar or the Brazilian real. Considering futures contracts need a reference index, choosing the Brazilian real would mean creating a crypto index in reals. Such a product is currently unavailable in the market.

Apart from rolling out BTC and ETH futures, B3 aims to offer national crypto exchanges a myriad of services. To be precise, B3 aims to control custody and settlement operations.

de Lima said,

We have around 30 national crypto exchanges, apart from the international ones that operate here. We could offer a service to facilitate and standardize their operations. I believe it has something to explore in providing custody services and in the settlement process.

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Despite B3 confirming plans to roll out BTC and ETH futures trading, both cryptocurrencies are performing deplorably. At the time of writing, BTC is changing hands at $29,853.86 after losing 1.48% over the past 24 hours. On the other hand, ETH is down 2.62% in the day to trade at $2,033.01.

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