Chicago, New York, Stuttgart, Valletta, Kingston, Berlin: Institutional Investors Pussyfoot Around
CryptoBit News Today2 min read
On December 1, 2017, CME Group announced the initial listing of its Bitcoin futures contract to launch December 18, 2017, stating it "will provide investors with transparency, price discovery, and risk transfer capabilities," according to Chairman and CEO Terry Duffy. Governed by CME rules and listed on the exchange, the contracts will settle in cash according to the CME CF Bitcoin Reference Rate.
Meanwhile, the Intercontinental Exchange, owner of the New York Stock Exchange, announced its own cryptocurrency venture called Bakkt. In collaboration with Microsoft, Starbucks, and Boston Consulting Group, the venture aims to provide a Bitcoin marketplace under federal regulation. In an interview with Fortune, ICE digital assets head and Bakkt CEO Kelly Loeffler said the exchange operator and its partners spent 14 months secretly preparing the venture, which plans to offer physical warehousing and a one-day physically delivered bitcoin contract in November 2018 subject to regulatory approval.
Across the Atlantic, Boerse Stuttgart Group is developing an end-to-end digital asset platform aimed at offering cryptocurrency trading, a multilateral trading venue, a platform for initial coin offerings, and custody services. App BISON, developed by Boerse Stuttgart subsidiary Sowa Labs, will facilitate the trading. Through the ICO platform, organizations will be able to issue digital tokens for corporate financing or to represent assets and rights.
Working alongside cryptocurrency exchange Binance, the Malta Stock Exchange stressed the importance of assisting fintech and crypto startups. The MSE Fintech Accelerator Programme will mentor and support companies throughout the lengthy process of setting up and operating, with the goal of providing assistance to fintech start-ups. MSX also entered into a memorandum of understanding with Neufund, a Berlin platform capable of tokenizing tangible assets and securities on a secure blockchain.
The Kingston-based Jamaica Stock Exchange chose Canadian fintech firm Blockstation to look into hosting cryptocurrency trading on its local market. According to Blockstation, a live crypto trading workshop was conducted with five JSE broker members and local regulators, and the arrangement could position the JSE as one of the first global stock exchanges to introduce an online token and digital currency platform. Kirk Brown, head trader at brokerage firm Sagicor Investments Jamaica Limited, stressed that allowing clients to invest in digital assets through conventional financial institutions is essential.
