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Deutsche Boerse considering bitcoin products? Executive says they are ‘deep at work’

German stock exchange Deutsche Boerse AG has recently revealed that it is ‘deep at work’ on bitcoin, according to Bloomberg.

Jeffrey Tessler, Deutsche Boerse’s head of clients, products and core markets, recently said that the company is looking into offering cryptocurrency products.

“Before we move forward with anything like Bitcoin we want to make sure we understand the underlying transaction which isn’t the easiest thing to do,” Tessler said. “We are deep at work with it,” he said, adding that the group is “not at the same stage” as CME.

Tessler emphasized that the group wants to understand the volatility and ensure regulatory compliance before it moves forward with cryptocurrencies.

In late 2017, Chicago Board Options Exchange (CBOE) and CME Group launched bitcoin futures. In February 2018, Stefan Teis, SVP, Group Business & Product Development, Deutsche Börse, said that this move by US futures exchanges has “amplified the bitcoin trend.”

“These ideas need to be closely analysed in light of the fact that regulation on this area is still lacking and entirely unclear, also considering the major uncertainties in the crypto market,” Teis said at the time. “Nevertheless, we take cryptocurrencies, blockchain and ICOs into consideration in many areas of our activity. But it’s way too early to make definite statements on initiatives or services to be introduced over the short to mid-term.”

Earlier this month, UK-based CryptoFacilities launched ETH futures, after successfully launching Bitcoin and Ripple futures in 2015 and 2016. Recent reports also suggest that Intercontinental Exchange (ICE), the parental company of the NYSE, is considering launching a trading platform for cryptocurrency derivatives.

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