The B3 exchange plans to enter the cryptocurrency market within six months, promising users access to a wide range of services.
The Brazilian exchange announced that after six months it will launch its first cryptocurrency product – trading in bitcoin (BTC) and ether (ETH) futures. CFO André Milanez did not specify whether B3 would create a partnership or offer futures trading directly.
Currently, institutional and retail investors in Brazil can trade eleven cryptocurrency ETFs through the exchange. There are also more than 25 Securities and Exchange Commission (CVM)-approved investment funds that offer their clients access to the crypto-asset market.
The exchange announced its entry into the cryptocurrency market late last year. Gilson Finkelsztain, president of the company, disclosed this, saying that B3 will not become a purely crypto exchange, but plans to gain a strong foothold in the market by tokenising certain assets and making cryptocurrencies easier for its users to access.
According to B3 CIO Jochen Mielke de Lima, the platform intends to offer services to other national crypto exchanges and act as a hub for depository and settlement operations in addition to BTC and ETH futures.
There are 30 such exchanges in Brazil, says Milke, who could use the services to simplify and standardise operations. According to the director, the cryptocurrency market is very similar to the regulated stock market in that it also involves transactions for issuing, trading, settling and holding assets.