The B3 Stock Exchange announced that it will expand its cryptocurrency offering this year, opening options for users to invest in solana and ether.
Largest Brazilian Stock Exchange to Expand Solana and Ether Investment Options
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Brazilian Stock Exchange to Launch Ether and Solana Futures This Year
B3, the largest Brazilian stock exchange, has offered an update on its plans to offer investment products involving a larger array of cryptocurrencies. According to local media, the organization is preparing to launch futures contracts for both ether and solana, two popular crypto projects.
“We should launch cryptocurrency derivatives by the end of the year,” declared B3 CFO Andre Milanez at an event with journalists. However, he did not offer more details on the timeline of this upcoming launch.
Last year, B3 declared its intention to offer more options to crypto traders, that benefit from the volatility of these assets. At that time, B3 acknowledged there was a demand for more futures contracts based on other cryptocurrencies, primarily ether. “Just as the bitcoin futures contract was a market demand, the ethereum futures contract is also a demand,” said Felipe Gonçalves, superintendent of Interest and Currency Products at B3.
Read more: Brazilian Stock Exchange B3 Mulls Offering Ether Futures
Since the launch of bitcoin futures, the exchange has been trading close to $860 million in these contracts monthly, with each contract representing 10% of the market value of a bitcoin token.
Furthermore, B3 President Gilson Finkelsztain also hinted at the possibility of launching bitcoin options this year, opening even more possibilities for crypto traders.
Brazilian investors have been receptive to these crypto options. Last year, the rise of bitcoin to over $100,000 also made Brazilian crypto markets boom with demand, with crypto-based exchange-traded funds (ETFs) reaching record levels. At the time, every ETF containing bitcoin in its composition registered record trading levels.
Read more: Bitcoin ETFs Set New Records in Brazil
These new solana and ether-based investments are also expected to attract more institutions to the crypto market, given that they allow exposure to these popular digital assets without having to own them or organize a custody strategy to hold them.
