TMX to introduce bitcoin futures

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TMX to introduce bitcoin futures

TMX Group, the largest Canadian exchange, said Tuesday its derivatives trading platform will soon introduce bitcoin futures contracts.

The futures will be settled in U.S. dollars, which means that dollars change hands at settlement instead of the underlying instrument. The futures settlement value will be determined by the coindesk Bitcoin price index, crafted by CoinDesk Indices, a subsidiary of CoinDesk.

The expansion is as traditional financial firms continue to expand their digital asset services. Now a key US trading hub for BTC futures, the Chicago Mercantile Exchange has added to its offerings with ether-to-bitcoin ratio futures this year.