TMX Group Canada to unveil crypto futures product later this year

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In response to institutional investors’ concerns about the risks associated with trading in a new class of assets, TMX Group, a major operator of the Canadian stock exchange, has announced plans to launch its first cryptocurrency futures product.

In a speech to Reuters, TMX Groups John McKenzie said that the company plans to launch the product on the Montreal Stock Exchange later this year. “Several institutional investors and traders […] have more cryptocurrencies in their portfolios, for their clients or in ETFs,” according to McKinsey, adding that they are working on how to reduce risk due to the enormous volatility of cryptocurrencies.

Cointelegraph contacted TMX Group for more information on this development. This article will be updated with new information.

Cryptocurrency assets have fallen significantly in recent months as investors looked for safer investments amid expectations of higher interest rates from central banks. They have made progress in recovering some of their losses in recent weeks, with Bitcoin (BTC) recovering from the $ 42,000 mark and Ether (ETH) retiring to retest $ 3,000 support levels.

The news from TMX Group comes as interest in cryptocurrencies grows from investors and institutions. The best known example is the Business Intelligence software company MicroStrategy, which converted all its cash holdings to bitcoin and raised debt to finance further purchases.

Related: MicroStrategy CEO will not sell $ 5 billion BTC despite crypto winter

As Cointelegraph reported earlier this week, KPMG, one of Canada’s largest accounting firms, has added bitcoin and ethereum to the company’s coffers, becoming the latest major company to convert some of its monetary assets into cryptocurrencies.

Electric car maker Tesla had nearly $ 2 billion in bitcoin on its balance sheet by the end of 2021, according to official records released Monday. Forty listed companies now own BTC, according to Bitcoin bond data.

Source: CoinTelegraph

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