Brazil’s B3 Exchange has announced it received approval from the country’s securities watchdog to launch bitcoin futures trading, starting April 17. This new offering adds to B3’s already available crypto-related products, including exchange-traded funds (ETFs) and ETF receipts. While the exact launch date could shift, the futures will be linked to the Nasdaq Bitcoin Reference Price, and each contract will represent 10% of bitcoin’s value in Brazilian reais.

Felipe Goncalves, B3’s superintendent of swap rates and currency products, stated the futures aim to fulfill the market’s need for a tool to manage the volatility of bitcoin prices or to invest in its future direction without the physical exchange of bitcoin. These futures will be financially settled, emphasizing that traders won’t deal in actual bitcoin but rather in contracts based on its price. This move underscores B3’s commitment to diversifying its financial products and catering to the growing interest in cryptocurrency investments.

Reuters