As a seasoned researcher with a knack for keeping my finger on the pulse of financial technology advancements, particularly within the cryptocurrency sphere, I find myself intrigued by Bitnomial’s announcement to launch USD cash-settled futures contracts for XRP under the “XUS” ticker.
Bitnomial, a Chicago-based cryptocurrency derivatives exchange, plans to debut U.S. dollar cash-backed futures contracts for the XRP digital currency, identified by the symbol “XUS.”
Bitnomial has informed the Commodity Futures Trading Commission (CFTC) that they plan to begin trading their new product following August 13th.
Performing these future transactions will occur on the electronic trading system of the exchange, while the related contracts will be settled by a recognized derivatives clearing agency under the supervision of the Commodity Futures Trading Commission (CFTC).
It’s been observed that XRP is currently being traded on numerous local and international platforms. Therefore, it seems improbable for market manipulation to occur due to its widespread trading activity.
Daily updates will be provided by Bitnomial, disclosing the trading volumes and open interest levels for their futures contracts.
In December, the Commodity Futures Trading Commission (CFTC) approved Bitnomial’s application to register as a Derivatives Clearing Organization (DCO). This approval enabled Bitnomial to offer options and margined futures. However, there were apprehensions about potential conflicts of interest, leading one commissioner to cast a dissenting vote on Bitnomial’s application.
In the year 2020, it became permissible to include future contracts and options in the list of offerings. This put it alongside well-known entities like the CME, Cboe, and Bakkt.
By May, Brad Garlinghouse, CEO of Ripple, expressed his belief that the introduction of an exchange-traded product based on XRP within the United States is virtually unavoidable.
However, as reported by U.Today, prominent ETF analyst Nate Geraci explained that regulated futures contracts are a must for a certain altcoin before it can experience some ETF buzz.
Consequently, the launch of Bitnomial’s latest product might pave the way for the approval of an XRP Exchange-Traded Fund (ETF) in the United States.
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2024-08-13 23:04