CBOE in collaboration with Gemini Trust LLC is looking forward to offer trading in bitcoin futures beginning at 5:00 p.m. CT on Sunday, December 10, 2017.
Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE), one of the world’s largest exchange holding companies, today announced that Cboe Futures Exchange (CFE), plans to offer trading in bitcoin futures beginning at 5:00 p.m. CT on Sunday, December 10, 2017, at the start of Global Trading Hours. Monday, December 11, will be the first full day of trading, and trading will be free, through December.
Cboe’s bitcoin futures will trade on CFE under the ticker symbol ‘XBT.’ XBTSM futures are cash-settled contracts based on
Gemini’s auction price for bitcoin, denominated in U.S. dollars. Gemini Trust Company, LLC (Gemini) is a digital asset
exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin. XBT futures are
specifically designed to allow participants to implement straightforward trading strategies, through settlement to a single,
tradeable auction price.
Ed Tilly, Chairman and Chief Executive Officer of Cboe Global Markets, said: “Given the unprecedented interest in bitcoin,
it’s vital we provide clients the trading tools to help them express their views and hedge their exposure. We are committed
to encouraging fairness and liquidity in the bitcoin market. To promote this, we will initially offer XBT futures trading for
Tyler Winklevoss, Chief Executive Officer of Gemini, said: “Developing a regulated derivatives market is the next logical and
crucial step towards advancing the broader digital asset market. We have been working for years to build infrastructure to
grow the digital asset market and today’s news marks a significant milestone.”
Bitcoin has been the latest buzz word in the wall street, not all of them are supporting the currency, people like Jamie Dimon CEO of JP Morgan open criticized the currency and called it a Fraud but it seems like Investors are not ready to buy his statement and due to growing interest exchanges like CBOE, CME and NASDAQ are launching Bitcoin contracts on demand of clients.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share