Connect with us

Hi, what are you looking for?


TMX Group Canada plans to introduce a crypto futures product later this year

Responding to the concerns of institutional investors about trading risks in a new asset class, TMX Group, the major stock market operator in Canada, is set to launch its initial crypto futures product.

John McKenzie of TMX Group shared with Reuters that the company intends to introduce the product on the Montreal Exchange later in the year. McKenzie noted the increasing trend of institutional investors and dealers holding more crypto assets in their portfolios, for clients, or in ETFs. He mentioned that they are working on risk mitigation strategies due to the high volatility of cryptocurrencies.

Cointelegraph has reached out to TMX Group for further details on this development, and updates will be provided as more information becomes available.

Due to concerns about interest rate hikes by central banks, cryptocurrency assets have experienced significant declines in recent months as investors turned to safer investment options. However, in recent weeks, there has been some recovery, with Bitcoin (BTC) surpassing the $42K mark and Ether (ETH) price retracing to test $3,000 support levels.

TMX Group’s announcement comes at a time when cryptocurrencies are attracting growing interest from investors and firms. A notable example is MicroStrategy, a business intelligence software company, which has converted all its cash reserves into Bitcoin and even borrowed funds to make additional purchases.

Related: MicroStrategy CEO commits to holding $5B BTC reserves despite crypto market downturn

Recently, KPMG, one of the leading accounting firms in Canada, added Bitcoin and Ethereum to its corporate treasury, joining a growing list of large companies converting fiat assets into cryptocurrencies.

Tesla, the electric car manufacturer, reported holding nearly $2 billion in Bitcoin on its balance sheet by the end of 2021, according to official company disclosures on Monday. Data from Bitcoin Treasuries indicates that forty public companies now have BTC holdings.

You May Also Like


Peloton, known for their stationary exercise bikes and treadmills, has faced significant financial challenges over the past year. The company experienced a surge in...


Amid the ongoing global supply chain challenges, many retailers in the United States are grappling with surplus seasonal stock, leading to increased storage costs...


With the continuous increase in gas prices, a decrease in consumer confidence, and the ongoing conflict in Ukraine, the European economy faces significant challenges....


As the demand for electric vehicles grows and the push for environmental sustainability increases, automakers are gearing up to focus more on the development...


Today, Brian Armstrong, the CEO of Coinbase, conveyed to his team through a company-wide email that due to declining stock and crypto values and...


Recently, Peiter “Mudge” Zatko, a former cybersecurity specialist at Twitter, published a whistleblowing document on the platform. Zatko highlighted several security issues with Twitter,...


Zelle is a popular peer-to-peer payment service that allows individuals to send and receive money, similar to apps like Venmo. It is widely used,...


Recently, after Chinese President Xi Jinping secured a third term, there was a sharp decline in the stock market in Hong Kong. Investors became...