CME launches micro bitcoin futures
Exchange giant CME Group has launched micro bitcoin futures, smaller-sized derivatives contracts, opening the door for a broader customer base.
The micro bitcoin futures are 1/10th the size of one bitcoin and will be settled in cash. CME first revealed the product in March.
"At one-tenth the size of one bitcoin, Micro Bitcoin futures will provide an efficient, cost-effective way for a broad array of market participants – from institutions to sophisticated, active traders – to fine-tune their bitcoin exposure and enhance their trading strategies, all while retaining the benefits of CME Group's standard Bitcoin futures," said Tim McCourt, CME Group's global head of equity index and alternative investment products.
CME's standard bitcoin futures were launched in December 2017 and are one of the popular products in the crypto derivatives space. CME also offers trading in bitcoin options and is currently the second-largest bitcoin options exchange by trading volumes.