The Brazilian exchange, known as B3, has made key changes to its crypto investment products. From June 16, B3 will introduce new futures contracts in two widely used cryptocurrencies: Ethereum (ETH) and Solana (SOL).
This would help bring in more institutional investors who want to invest in crypto assets but do not want the complexity of investing in crypto directly, particularly because of issues associated with custody and security.
Investors will be able to wager on the value of Ethereum and Solana through these futures contracts without actually holding the virtual currency. The country’s financial authority, the Brazilian Securities and Exchange Commission (CVM), has already approved the new contracts. Each contract will be valued at 0.25 ETH or 5 SOL, and they will be priced in US dollars.
Marcos Skistymas, B3 product director, spoke to the significance of these new products. He said that the goal is to provide “regulated and secure” ways for investors to gain access to cryptocurrencies. Skistymas added that this move signifies B3’s dedication to innovation and addressing expanding demand for financial products based on blockchain.
In addition to launching these new futures, B3 is making changes to its existing Bitcoin futures contracts. Bitcoin futures on the B3 have hitherto been denominated in 0.1 BTC per contract. However, on June 16th, it will be lower to 0.01 BTC. This aims to make Bitcoin futures accessible and more available at a reasonable cost to broader investors. So far, approval for this amendment has also been granted by CVM.
B3 disclosed that it has been developing these new crypto futures products since February and had originally intended to roll them out by the end of the year. The timeline was brought forward, however, due to increasing interest from institutional investors and the recent surge in the price of Bitcoin.
B3’s cryptocurrency initiatives have previously garnered media attention. By becoming the first Brazilian stock exchange to offer an ETF based on XRP in April, it showed its ongoing commitment in expanding cryptocurrency-based investment alternatives in the nation.
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