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Coinspeaker CME Group to Venture into Bitcoin Trading CME Group, a prominent global futures trading company headquartered in the United States, is gearing up to enter the world of cryptocurrency by introducing a dedicated trading platform for Bitcoin (BTC) spot traders. According to a Financial Times report citing three people familiar with the matter, the company has held a series of meetings with potential customers who would like to purchase the leading crypto asset on a regulated marketplace. Although the plan is still in the works, its potential implications signify a noteworthy milestone in the widespread acceptance of digital assets in the US, particularly following the Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs in the country. CME Group Target’s Financial Giants The SEC’s approval of new investment products in January 2024 has opened up new opportunities for established financial institutions to venture into innovative areas within the crypto economy. Since then, several financial institutions from around the world have already entered the crypto scene, with CME Group being the latest to join the trend with the planned launch of a Bitcoin trading marketplace. The company’s target market includes Wall Street money managers and other corporate investors currently engaging with the emerging economy. CME Group aims to tap into the growing interest in Bitcoin among major players in the financial sector to establish a regulated marketplace that offers users direct exposure to the kingcoin. The company already operates a successful futures market for Bitcoin. However, the planned introduction of another marketplace for spot traders allows investors to execute basic trades more efficiently, taking advantage of price differences between the two types of contracts. The US-based group recently surpassed Binance as the world’s largest Bitcoin futures market, with about 26,000 open positions valued at around $8.5 billion on its…

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Filed under: News - @ May 16, 2024 8:18 am