AltCoin Futures? CME Says Not Yet

CME's CEO thinks the firm needs to develop an approach for Bitcoin first before looking at other cryptocurrencies.

Magic Ball Bitcoin

In an Interview with Bloomberg on July 26, the Chicago Mercantile Exchange’s (CME) CEO Terry Duffy revealed that they will not be introducing futures on cryptocurrencies other than Bitcoin (BTC) any time soon.

Duffy believes that the firm should concentrate on developing and evaluating an approach toward Bitcoin, stressing that Bitcoin Futures might have the most controversial launch of any product.

CME and Crypto

Terry Duffy
CME CEO Terry Duffy

Duffy thinks that altcoin futures can’t be launched immediately, as they are “highly volatile and new,” and CME can’t just list a product just to see where it will go. Duffy advocates a wait and see approach with Bitcoin for now.

The CEO calls listing other cryptocurrencies would be “a little irresponsible right now.”

CME is one of the largest exchanges in the world. They launched Bitcoin futures trading on December 17, a week after the Chicago Board Options Exchange (CBOE) introduced BTC futures.

While the CME is taking a slow and cautious approach to altcoin futures, the CBOE is “definitely monitoring other markets,” CBOE’s director for product development Dennis O’Callahan said in an interview with cryptocurrency news outlets.

A week ago, the CME reported that their Bitcoin futures average daily volume (ADV) went up by 93 percent in the second quarter of 2018, while the number of open contracts went up by 58 percent.

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