This 2018, Gemini Exchange intends to approach CBOE Global Markets for a deal to add Bitcoin Cash and Litecoin futures to its portfolio. Having just set up a facility for cryptocurrency futures earlier this year, these two are next as they are among the biggest ones in terms of market cap.
Gemini Exchange is a medium for licensed digital asset trading that is founded by the Winklevoss twins – Tyler and Cameron Winklevoss. The company already offers Bitcoin and Ethereum, and slowly intends to have all the top ranking coins listed. Aside from expanding the client base, listing these two new cryptocurrencies also impact crypto derivatives trading. This means more cryptocurrency related instruments can be offered to traditional clients.
Late 2017 has shown investors that cryptocurrencies can be very volatile in nature. The Winklevoss twins, having engaged in Bitcoin since it was only $8, have a confidence in cryptocurrencies that most critics do not.
“In 2018, you’re really going to see institutions and Wall Street really get in, and it’s going to look very different,” Tyler Winklevoss commented.
Confidence in the long-term can be seen here, and the twins have already seen what the sharp short-term drops can look like. On top of this, they cited that Bitcoin futures have performed very well despite what seems to be a slowdown in the volume of Bitcoin trading. In fact, the Gemini founders “applaud” SEC for the announcement that was associated with a price drop last Wednesday. In the announcement, SEC announced that it will be scrutinizing potentially fraudulent Initial Coin Offerings (ICOs) especially those without licenses.
According to Tyler Winklevoss, they entered the licensing agreement with CBoE because of the scalability the deal offered. They very well knew the potential for expanding offerings. This would also give Gemini another edge to better compete with rival exchanges such as Coinbase and Coindesk who are also listing new cryptocurrencies recently.