News reaching Global Coin Report indicates that there is a UK Based Crypto trading platform that has launched the ‘First Regulated’ Ethereum (ETH) futures. The trading firm is known as Crypto Facilities and has been offering other Futures products for quite some time now. The firm was the first to offer Ripple (XRP) futures back in September 2016 when its main goal was to expand its new platform by adding additional products, assets, and derivatives.
The trading firm made the Ethereum (ETH) Futures announcement only yesterday and had this to say:
“The first Ethereum futures to be offered by a regulated firm, the products will enable market participants to take a long or short position in the cryptocurrency, allowing them to broaden investment opportunities and manage risks more effectively.
The new contract expands Crypto Facilities’ derivatives offering which currently includes Bitcoin and Ripple futures. Crypto Facilities is a world-leading cryptocurrency trading platform for professionals, offering individuals and institutions regulated, transparent and secure trading 24/7/365. The firm provides CME Group, the world’s largest derivatives exchange, with the CME CF Bitcoin Reference Rate that powers CME Group’s Bitcoin futures.”
The firm’s CEO, Toby Allen, cited the popularity of Ethereum as one of the reasons to offer the new product on its platform. He also added that the popularity of the Ethereum Smart Contracts makes it a good choice for the new trading instrument on its platform and that ETH Futures will be a giant leap in the development of the crypto asset class.
However, past experiences with the launch of Bitcoin (BTC) futures might make many Crypto- traders wary of the new product. The introduction of BTC Futures last December by the CME Group has been blamed, albeit silently, for the sudden drop of BTC prices that was kicked off on the 17th of December. Before the BTC Futures started trading, BTC was enjoying new heights of over $19,000 only to drop significantly and starting on the day after the BTC futures started trading.
Current price predictions put Ethereum at $2,500 by end year. Could the introduction of ETH Futures turn out to be an impediment in the attainment of this value?
The current market analysis put Ethereum at $667 at the moment of writing this and down 4% in 24 hours. The King of Smart Contracts had seen some glimmer of hope by reaching near $900 levels when it had peaked at $839 on the 6th of May. It has since dropped to current levels that have been accelerated by news of popular South Korean exchange, Upbit, being raided by Authorities over accusations of ‘cooking its books’. There are also rumors of the Mt. Gox trustee dumping another round of BTC in the markets.
In conclusion, the effects of the addition of ETH Futures is a welcome sign of crypto products being considered as alternative investment options. The effects of the announcement will be seen once the dust clears with respect to the above two events currently affecting the crypto-verse.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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The post Ethereum (ETH) Futures Are Here and Being Offered by UK Firm appeared first on Global Coin Report.
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