Bitcoin future might probably be introduced with immense publicity, but on the other hand, XRP futures is quite different.
As a matter of fact, U.K. based Crypto Facilities has been managing a futures markets for the third-leading cryptocurrency in the world, created by blockchain startup Ripple Inc., for over a year now. Even though Tom Schlaefer, the company’s CEO is yet to give any comment, he sees that there is a high possibility for XRP futures to become popular.
According to Schlaefer, “We have pretty good order books, and we’re in the process of working with some of the large market makers to draw that further.”
Actually, before the few months when bitcoin was trying to acquire its first Commodity and Futures Trading Commission (CFTC) control bitcoin derivatives, Schlaefer’s firm had joined forces with Ripple and introduced XRP futures which the second cryptocurrency futures product following bitcoin to be controlled under the UK’s Financial Conduct Authority (FCA).
Subsequently, when Cboe and CME Group, Chicago commodities giants started their first bitcoin futures in December, Crypto Facilities’ own XRP futures were selling at $$$14.2 million in volume in a month. Before Cboe’s initial bitcoin futures expiration in January, Crypto Facilities’ XRP futures had increase twice in volume to $24.6 million.
However, very little people that are not in the firm are aware of the fact that futures are being sold and at what volume. But this trend is now changing as the company is optimistic is having another favorable month.
Schlaefer added, “The liquidity has been growing quite a lot.”