The US Securities and Exchange Commission’s (SEC) approval of Bitcoin spot ETFs in January significantly boosted Wall Street’s confidence in Bitcoin. Companies, pension funds and many other institutions can now buy Bitcoin and related products much more easily.

The company has been discussing this issue with many professional traders for a long time

Seeing this, CME Group is also planning to offer a spot Bitcoin product, despite offering Bitcoin futures. According to the Financial Times, CME, the world’s largest futures exchange, has been discussing this issue with many licensed professional traders for a long time. While there has not yet been a statement from CME on the subject, it was written that the final decision has still not been made.

It will run through Switzerland

CME is expected to run its spot Bitcoin operations through the Swiss currency exchange platform EBS. Switzerland is also known for recently introducing comprehensive regulations on the trading and custody of cryptocurrencies.

EBS, which changed hands several times in the 2010s and finally the roof company was named NEX Markets, was acquired by CME Group in 2018.

“In Switzerland or Chicago?”

Speaking to the Financial Times, a crypto company executive said that the fact that CME is conducting this activity through a subsidiary in Switzerland raises questions and said, and he said he didn’t know if they would be able to gain significant market share by doing this in both Switzerland and Chicago. Also, he suggested that it’s good to see that the big regulated exchanges are now getting over their discomfort on this issue.

Bitcoin, which rose sharply yesterday with inflation figures from the US, is trading around $66,150 at the time of writing.