The B3 Stock Exchange announced that it will expand its cryptocurrency offering this year, opening options for users to invest in solana and ether.
Brazilian Stock Exchange to Launch Ether and Solana Futures This Year
B3, the largest Brazilian stock exchange, has provided an update on its plans to introduce investment products encompassing a broader spectrum of cryptocurrencies. According to local media reports, the organization is in the process of launching futures contracts for both ether and solana, two prominent cryptocurrency projects.
“We anticipate launching cryptocurrency derivatives by the end of the year,” declared B3 Chief Financial Officer Andre Milanez at an event with journalists. However, he did not provide further details regarding the anticipated timeline for this upcoming launch.
Last year, B3 announced its intention to expand its offerings to cryptocurrency traders, thereby catering to the volatility inherent in these assets. At that time, B3 recognized the demand for additional futures contracts based on other cryptocurrencies, particularly ether. “As with the bitcoin futures contract, the ethereum futures contract is also a market demand,” stated Felipe Gonçalves, Superintendent of Interest and Currency Products at B3.
Since the introduction of bitcoin futures, the exchange has been trading approximately $860 million in these contracts monthly, with each contract representing 10% of the market value of a bitcoin token.
Furthermore, B3 President Gilson Finkelsztain also suggested the potential launch of bitcoin options this year, further expanding the opportunities for cryptocurrency traders.
Brazilian investors have demonstrated a receptive attitude towards these cryptocurrency options. The meteoric rise of bitcoin to over $100,000 last year catalyzed a surge in Brazilian cryptocurrency markets, with demand for crypto-based exchange-traded funds (ETFs) reaching record levels. Concurrently, every ETF containing bitcoin in its composition registered record trading volumes.
These newly introduced solana and ether-based investments are also anticipated to attract more institutional investors to the cryptocurrency market. This is because they provide exposure to these popular digital assets without necessitating ownership or the establishment of a custody strategy to hold them.
