Brazilian Stock Market Set to Launch BTC and ETH Futures – The Brazilian government has confirmed that it intends to launch its first official cryptocurrency product, Bitcoin futures trading.
The firm is building the infrastructure to offer crypto market access to end-users, CFO André Milanez said on Monday. B3, the Brazilian Stock Exchange, confirmed that within six months, it intends to launch its first official product aimed at the cryptocurrency market.
As Bazil´s financial situation is what it is, they have decided to try to launch their own bitcoin, and they are hoping to make their economy better with this, but how will this actually work? — Bitcoin (BTC) futures trading. The group’s chief financial officer, André Milanez, announced a conference call on Monday. Andre Milanez, CFO of B3, said, “We plan to launch bitcoin futures in three to six months.”
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According to the statement, B3 only needed to settle whether the negotiations would be carried out against the U.S. dollar or the Brazilian real. Futures contracts need a reference index, so if the team chooses Brazil’s native currency, it will be necessary to compose a crypto-assets index in reais — something that does not exist now.
Currently, in Brazil, institutional and retail investors can trade 11 ETFs through B3 with exposure to cryptocurrencies, including CRPT11 from Empiricus with Vitreo; the NFTS11 of Investor; QBTC11, QETH11 and QDFI11, all from QR Assets and META11, HASH11, BITH11, ETHE11, DEFI11, WEB311 all from Hashdex.
In addition, in Brazil, there are more than 25 investment funds approved by the Securities and Exchange Commission (CVM) that offer different types of exposure to the crypto-assets market.
Jochen Mielke de Lima, director of IT, said in January that B3 would be launching several products with exposure to crypto in 2022, including BTC and ETH futures.
Currently, Brazilian traders and investors can trade in 11 ETFs with exposure to cryptocurrencies. This would open up a whole new ecosystem for traders in the crypto-friendly country.
“Trading and access to liquidity centres: this means mitigating the complexities of accessing a fragmented, global and 24×7 market; Digital Asset Custody: providing reliable custody (hence, the purpose of blockchain transactions).
Over-the-counter facilitation: thIn this way, it wants to provide more security and efficiency in the movement and DVP of digital assets; Capital efficiency gains: thus, it wants to mitigate the pre-funded nature of operations and Crypto as a service: make it easier for clients to explore the crypto market with low friction,” highlighted B3.
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