TMX Group, Canada’s largest stock market operator, has announced plans to develop its first-ever crypto futures product in response to institutional investors’ concerns about the hazards of trading in a new asset class. According to John McKenzie of TMX Group, the product will be released on the Montreal Exchange later this year. The statement from TMX Group comes at a time when investors and organizations are becoming more interested in cryptocurrencies.
Institutional investors are increasingly interested in crypto, but many are hesitant due to the risk. Canadian Stock Market operator TMX Group is launching its first-ever crypto futures product to mitigate some of these risks. The TMX Group plans to launch a Bitcoin product later this year and claims that the demand for Bitcoin and cryptocurrency amongst institutional investors is growing. Group’s John Mackenzie said, “More Institutional investors and dealers are holding more crypto assets within the Montreal Exchange.” they are working on how to lower the risks due to crypto’s colossal volatility.
Cryptocurrency has recently suffered significant drops as investors sought less volatile investments amid expectations of central banks’ reasonable interest rates. They’ve made a lot of progress recently and have been recovering from their significant losses. Bitcoin has already reached the $42K mark, and Ether is looking to retest the $3,000 support level!
The exponential growth of cryptocurrencies has captured the attention of investors, organizations, and now the TMX Group. The most notable example is software company MicroStrategy which has converted all of its cash reserves into cryptos like Bitcoin or Ethereum.
KPMG, one of Canada’s top accounting firms, has added Bitcoin to its corporate treasury system. They are the latest big company to convert a portion of their fiat assets into cryptocurrencies.
The world’s largest electric automaker, Tesla, is the latest of 40 publicly listed companies to start holding Bitcoin on its balance sheet. Tesla had more than $2 billion in Bitcoin at the end of 2021.
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