Cboe Global Markets Inc. (NASDAQ: CBOE) will launch its bitcoin futures contract on December 10, beating its rival, CME Group Inc. by a week. The futures will be launched under Cboe Futures Exchange (CFE) under the ticker “XBT.” XBTSM futures are cash-settled contracts based on Gemini’s auction price for bitcoin.
Official trading and full day trading of the futures will begin on December 11, and trading will be free through December.
“We are committed to encouraging fairness and liquidity in the bitcoin market. To promote this, we will initially offer XBT futures trading for free.” said Ed Tilly, Chairman and Chief Executive Officer of Cboe Global Markets.
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.”
The U.S. Commodity Futures Trading Commision granted approval to three exchanges to allow for bitcoins futures. Cboe, CME, and Cantor Exchange were all granted approval. On announcement of the approval, CME announced it’ll launch its futures on December 18, while Cantor has not officially released its launch date.