Russian Brokerage Firm Launches CBOE Bitcoin Futures Trading

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Russian Brokerage Firm Launches CBOE Bitcoin Futures Trading

Moscow-based online brokerage firm Finam will allow its customers ‎to trade bitcoin futures from Chicago Board Options Exchange (CBOE), with CME futures coming at some point later.

According to the statement on Finam’s website ‎Monday, bitcoin futures will be available to qualified investors only under XBTC ticker.

“The demand for the service stems from the absence of safe ways of working with cryptocurrencies. This service will reduce uncontrolled risks of loss or non-return of the invested funds,” says the company.

The cash-settled bitcoin futures allow investors and speculators to place bets on whether bitcoin will soar or slip, without holding bitcoin itself.

CBOE futures are based on the auction price of bitcoin in U.S. dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs and brothers Cameron and Tyler Winklevoss.