B3, the Brazilian Stock Market, confirmed that within six several weeks it promises to launch its first official product targeted at the cryptocurrency market — Bitcoin (BTC) futures buying and selling. The group’s chief financial officer, André Milanez, made the announcement throughout a business call on Monday.
Milanez didn’t provide many information on the way the product works. It’s not yet known if B3 will form a partnership or maybe it’ll offer Bitcoin futures buying and selling directly, however the timeline for launching the product was mentioned to become relatively short. “We intend to launch bitcoin futures within the next 3 to 6 several weeks,” he stated.
Presently, in South america, institutional and retail investors can trade 11 ETFs through B3 with contact with cryptocurrencies, including CRPT11 from Empiricus with Vitreo the NFTS11 of Investo QBTC11, QETH11 and QDFI11 all from QR Assets and META11, HASH11, BITH11, ETHE11, DEFI11, WEB311 all from Hashdex. Additionally, in South america, there are other than 25 investment funds authorized by the Registration (CVM) that provide various kinds of contact with the crypto-assets market.
In The month of january Jochen Mielke de Lima, director of knowledge technology at B3, had already stated the Brazilian stock market would launch several products with contact with cryptocurrencies in 2022, including Bitcoin futures and Ethereum (ETH) futures
At that time, the manager highlighted the Brazilian stock market have been searching carefully in the cryptocurrency market from the technological reason for view since 2016.
Based on the statement, B3 only required to settle the issue on if the negotiations could be transported out from the U.S. dollar or from the Brazilian real. Futures contracts require a reference index, therefore if they chooses Brazil’s native currency, it will likely be essential to compose a crypto-assets index in reais — something that doesn’t exist now.
The B3 repetition also stated it’s exploring methods to provide data inputs for that country’s central bank digital currency, or CBDC.
B3 and Cryptocurrencies
Additionally to BTC and ETH futures, B3 also promises to offer services to national cryptocurrency exchanges and to become a type of “centralizer” of child custody and settlement operations, according to Jochen Mielke de Lima:
“We have around 30 national crypto exchanges, in addition to the worldwide ones that operate here. We’re able to provide a plan to facilitate and standardize their operations. In my opinion it’s something to understand more about in supplying child custody services as well as in the settlement process.”
Mielke, also mentioned the cryptocurrency marketplace is much like the controlled stock exchange, because it involves issuing, buying and selling, settlement and child custody. He mentioned therefore that B3 may help solve common problems between exchanges.
“We are identifying points of friction that people might help resolve to manage up, for example helping our customers supply the best use of their finish customers,” he stated.
Additionally, B3 plans other products according to cryptocurrencies and blockchain to produce in 2022. Included in this, you will find studies on the platform for asset tokenization, cryptocurrency buying and selling, cryptocurrency child custody, amongst others.
“Buying and selling and use of liquidity centers: what this means is mitigating the reasons of being able to access a fragmented, global and 24×7 market Digital Asset Child custody: supplying reliable child custody (hence, reason for blockchain transactions) Over-the-counter facilitation: thIn by doing this, it really wants to provide more security and efficiency within the movement and DVP of digital assets Capital efficiency gains: thus, it really wants to mitigate the pre-funded nature of operations and Crypto like a service: allow it to be simpler for clients look around the crypto market with low friction,” highlighted B3.
For 2022, B3 reps stated they anticipate the state launch of the reinsurance platform. This works around the Corda blockchain R3, and it is a partnership between your exchange and IRB South america.
