This article is from cointelegraph.com.br and the original article can be read here in Portuguese
B3, the Brazilian Stock Exchange, confirmed that in a maximum of 6 months will launch its first official Bitcoin trading product, the Bitcoin futures market. The information was given by the group’s chief financial officer, André Milanez, during a conference call to present the results of the first quarter of 2022.
Milanez did not provide many details about the negotiations but stated that the product will be released in a maximum of 6 months.
“We plan to launch bitcoin futures in the next three to six months,” he said.
In January, Jochen Mielke de Lima, director of information technology at B3, had already said that the Brazilian stock exchange would launch several products with exposure to cryptocurrencies in 2022, including Bitcoin futures and Ethereum futures.
At the time, the executive highlighted that since 2016 the Brazilian stock exchange has been looking closely at the cryptocurrency market from a technological point of view. However, in 2017, the company had already said that it was studying a possible launch of such a product in the country..
According to the statement in January, B3 just needed to settle the question of whether negotiations would be carried out against the US dollar or against the real. Futures contracts need a reference index, so, in the case of the option for the Brazilian currency, it will be necessary to compose an index of crypto-assets in reais, something that, today, does not exist.
In addition to BTC and ETH futures, B3 also intends to offer services to national cryptocurrencies exchanges and be a kind of ‘centraliser’ of custody and settlement operations
“We have around 30 national crypto exchanges, apart from the international ones that operate here. We could offer a service to facilitate and standardize their operations. I believe it has something to explore in providing custody services and in the settlement process.”
Mielke, also stated that the cryptocurrency market is very similar to the regulated stock market, as it involves issuance, trading, settlement and custody and, therefore, B3 could help resolve common issues across exchanges.
“We are identifying points of friction that we can help resolve to face up, such as helping our customers provide the best access to their end customers,” he said.
B3 embraces cryptocurrencies
In addition, B3 plans other cryptocurrency and blockchain-based products to launch in 2022. Among them, there are studies on a platform for asset tokenization, cryptocurrency trading, cryptocurrency custody, among others.
“Trading and access to liquidity centers: this means mitigating the complexities of accessing a fragmented, global and 24×7 market; Digital Asset Custody: providing reliable custody (hence, purpose of blockchain transactions); Over-the-counter facilitation: this way In 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”, highlights B3.
For 2022, B3 also foresees the official launch of a reinsurance platform, which will work on the Corda blockchain, from R3 and is a partnership between the Exchange and the IRB Brasil. The product should be called a Digital Reinsurance Camera.
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