Recent speculation in the cryptocurrency market has seen talks about the steps that may be taken by the Chicago Board Options Exchange (CBOE) after finishing its latency reduction upgrades. One of these was that CBOE was due to start introducing even more currencies.
What Is Happening With CBOE and Gemini?
The CBOE Risk Management Conference that happened on Friday saw a fireside chat with the founders of Gemini, Cameron and Tyler Winklevoss . It is during this chat that the Winklevoss twins intimated that there is a clear interest by CBOE in introducing even more currencies; only that the lack of Gemini’s support for other coins other than Bitcoin and Ethereum has so far derailed their efforts.
How Significant Is CBOE’s Move?
This is clearly significant as it brings to the fore the fact that CBOE is looking to issue futures on other digital assets. Since Gemini currently only offers Ethereum and Bitcoin, this is becoming a challenge because CBOE deals exclusively with Gemini and this means it can only use Gemini in calculating its futures. This basically means that CBOE cannot simply add more coins before Gemini does so first. It also means that Ethereum is likely to come to the future markets of CBOE sooner than later, considering that it is already on offer with Gemini.
So What Can We Expect Next?
Naturally, it would be fair to assume that based on the current metrics, Ethereum seems to be the next in line to have a CBOE derivative. According to CoinMarketCap, it currently stands at number two in terms of crypto size, and happens to be the only cryptocurrency trading on Gemini at currently.
There is also the possibility of more coins getting on Gemini. Considering the comments made by Winklevoss twins regarding pressure from CBOE to include more coins, we can only speculate that these additional coins will also be headed for CBOE.
If recent history is anything to go by, then introducing new futures will see a boom in prices. This was seen when Bitcoin was added and announced on the CBOE markets; its price jumped by 13 percent.
What do you think about the partnership between CBOE and the Winklevoss Twins? Will it have any significant effect on the crypto markets? Let us know of your views in the comments section below.