Nasdaq Inc. is proceeding with its plans to launch Bitcoin futures despite the current market slump. This is according to two sources familiar with the matter. Their decision is based on sustained interest in the top crypto coin despite the plunge the crypto market has experienced over the year.

The sources add that the firm has been working to satisfy the concerns of the Commodity Futures Trading Commission, the chief swaps regulator in the U.S. before launching the product. One person said that the firm plans to allow trading of the new product by the first quarter of 2019.

Growing Interest In Bitcoin Futures

Initially, Bitcoin futures captivated the financial world for a brief period. However, they drew resistance from large derivatives brokerages after Cboe Global Markets Inc. and CME Group Inc. used an expedited self-certification process that allowed them to bring their contracts. This occurred last December at the height of the global cryptocurrency craze.

Surprisingly, contrary to popular thought that Bitcoin futures could usher in a new era of institutional cryptocurrency investment, trading in them has been slow. Consequently, Bitcoin has plunged from around $20,000 to $4,000 as of the time of writing.

Shortly after Cboe and CME were done with listing their contracts, the CFTC outlined an enhanced review process. Now, all exchanges looking to list digital asset derivatives have to adhere to the new guidelines.

At the start of the year, Adena Friedman, the CEO at Nasdaq said that the exchange was evaluating ways in which it would distinguish its plans from the contracts that were being offered by competitors.

Therefore, the firm’s futures will be based off BTC’s price on numerous spot exchanges as compiled by VanEck Associates Corp. On the contrary, CME uses prices that are based on four markets while Cboe uses just one.

However, Nasdaq is not the only impending BTC derivative. ICE is also on track to launch Bakkt, a Bitcoin futures derivatives platform on January 24, 2019.