TMX Group Canada to unveil crypto futures product later this year

TMX Group, Canada’s largest stock market operator, announced plans to launch the first ever crypto futures product in response to concerns from institutional investors about the potential risks associated with trading in a new asset type.

John McKenzie, TMX Group’s CEO, stated that the firm will release the product to the Montreal Exchange in the latter part of this year. Mackenzie stated that “more institutional investors are […] holding crypto assets in their portfolios, for their clients, or in ETFs,” and they are currently working to reduce the risk from crypto’s volatility.

Cointelegraph reached out TMX Group to get more information about this development. This article will be updated as soon as more information becomes available.

In recent months, cryptocurrency assets suffered substantial drops as investors sought safer investments in the face of central bank interest rate increases. They have made some progress in recovering their losses over the past weeks with Bitcoin (BTC), surpassing $42K, and Ether (ETH), pulling back to retest the $3,000 support level.

As cryptocurrency is gaining more attention from investors and companies, the news from TMX Group comes as it arrives. MicroStrategy is a business intelligence software company that has converted all its cash reserves to Bitcoin and raised debt to fund further purchases.

Related: MicroStrategy CEO will not sell $5B BTC stash despite crypto-winter

Cointelegraph reported that KPMG, Canada’s leading accounting firm, has added Bitcoin and Ethereum as a corporate treasury. This makes it the latest large company to convert some of its fiat assets to cryptocurrencies.

According to Monday’s official records, Tesla Electric Automaker was worth nearly $2 billion in Bitcoin at the close of 2021. According to Bitcoin Treasuries data forty publicly traded businesses hold BTC.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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