Last week the Financial Times reported that the CME group was planning to launch spot cryptocurrency trading and was discussing the topic with traders. The news came from people privy to the talks rather than the CME itself.
CME competitor, Cboe, entered the spot market in 2021 by acquiring ErisX. Last month, it announced that it was shuttering the spot trading side.
However, the two derivatives exchanges have very different histories with crypto. Cboe launched futures in 2017 at the height of that boom but dropped them after the 2019 crypto crash. In contrast, the CME persisted. The net result is CME dominates the regulated futures market with close to 30,000 in open interest versus less than a thousand for Cboe Digital.
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