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Later this year, TMX Group Canada will launch a crypto futures product

The statement from TMX Group comes at a time when investors and businesses are becoming increasingly interested in cryptocurrencies.

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.

TMX Group’s John McKenzie told Reuters that the company aims to launch the product on the Montreal Exchange later this year. “More institutional investors and dealers are […] holding more crypto assets within their portfolios, for their customers, or in ETFs,” Mackenzie says, adding that they’re working on ways to manage risk due to crypto’s extreme volatility.

Bitcoinsupports addressed TMX Group for further information on this situation. This article will be updated as new information becomes available.

Investors have sought safer investments amid anticipation of central bank interest rate hikes, and cryptocurrency assets have seen considerable losses in recent months. In recent weeks, they’ve made progress in recouping some of their losses, with Bitcoin (BTC) returning above $42,000 and Ether (ETH) pulling down to retest $3,000 support levels.

The statement from TMX Group comes at a time when investors and organisations are becoming more interested in cryptocurrencies. MicroStrategy, a business intelligence software company, is the most well-known example, having changed all of its cash reserves into Bitcoin and even raising debt to fund further acquisitions.

According to official statistics released on Monday, electric carmaker Tesla had approximately $2 billion in Bitcoin on its balance sheet at the end of 2021. According to Bitcoin Treasuries statistics, BTC is now held by forty publicly listed businesses.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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