Bitcoin futures contracts are attracting a lot of attention in the crypto world, but according to CoinDesk, a UK-based initiative for about 18 months is quiet Ripple operates futures contracts.
“We have a pretty good order book,” said Timo Schlaefer, CEO of Crypto Facilities, a UK based company that spoke to CoinDesk. And we are working with some major market makers to further expand it. ”
According to the report, many people did not even know that futures with XRP were taking place except those in the company’s own pool of investments. Ripple, however, is the third largest on the market crypto money Since then, there has been a growing interest in this issue.
The first Bitcoin futures contract in the CBOE reached $ 24.6 million in January, double the volume of Crypto Facilities’s XRP futures at the end of the month. CEO Schlaefer stated that the liquidity grew quickly and that they expected to record volume in March.
CME and CBOE can initiate Ripple futures contracts after Bitcoin
CME, the world’s largest futures exchange, Bitcoin has established a partnership with Crypto Facilities, which currently has XRP futures contracts, for price indices. CME was also among the companies that invested $ 55 million in Ripple in 2016. In addition, it is known that the Chicago Board Options Exchange (CBOE), another exchange traded by Bitcoin derivatives, is working to create derivative products for crypto coins outside Bitcoin. In fact, the CBOE officials themselves had stated that they were open to trading in different cryptographic terms.
On the other hand, Paul Chou, co-founder and CEO of Bitcoin derivatives provider LedgerX, issued by the US Commodity Futures Commission (CFTC), said his company is researching XRP futures contracts. LedgerX, the company that last year marketed the first Bitcoin derivative product, has since reached a volume of $ 100 million.
It is highly likely that Ripple will be the next big crypto futures market in the light of these developments.
However, there are not some drawbacks either. For example, CEO of LedgerX, Paul Chou, is concerned about price manipulations. As is known, Ripple has a concentration problem in a few circles, unlike Bitcoin, the distribution is not as fair as in Bitcoin. It is known that Ripple employees have a large amount of XRP. For this reason, those with large amounts of XRP are exploring the potential to manipulate the price in the event of a possible XRP futures contract.