Deutsche Börse AG may be thinking very seriously about starting to offer bitcoin and cryptocurrency related products to its clients. As virtual currencies expand all over the world, more traditional financial institutions are evaluating the possibility to start offering digital assets and services to their clients.
Deutsche Börse is Deep at Work on Bitcoin
At the moment, there are very few important financial institutions that have embraced bitcoin or other digital currencies. We can mention the Chicago Board Options Exchange (CBOE), and the Chicago mercantile Exchange (CME), which started to offer bitcoin futures contracts to their clients. But no important European exchanges were able to follow these other institutions.
Jeffrey Tessler, the company’s head of clients, commented:
“Before we move forward with anything like Bitcoin we want to make sure we understand the underlying transaction which isn’t the easiest thing to do. We are deep at work with it.”
Additionaly, Mr. Tessler said that the group is not at the same stage as the CME. In order to do so, they will still need to understand the volatility and make sure that clients and regulators are in line.
European Cryptocurrency Futures
In Europe, the cryptocurrency trading platform Crypto Facilities, regulated by the Financial Conduct Authority (FCA) in the UK, is the world’s first regulated Ethereum futures platform. Crypto Facilities believes that this new platform and product will be able to bring more liquidity to Ethereum.
Timo Schlaefer said about it:
“Ether is the second most liquid cryptocurrency after Bitcoin, trading in the billions of dollars daily, and we are excited to be launching ETH futures. The Ethereum network is the pre-eminent blockchain for smart contracts, and we believe this new trading instrument will attract more investors and bring greater liquidity to the marketplace.”
At the beginning of the year, we wrote that the European Central Bank (ECB) president, Mario Draghi, said that banks could soon start to hold some positions in Bitcoin. He gave these comments while speaking at the European Parliament back in February.
“Recent developments, such as the listing of Bitcoin futures contracts by US exchanges, could lead European banks too to hold positions in Bitcoin, and therefore we will certainly look at that,” Mr. Draghi commented.