Brazil exchange operator B3 to offer bitcoin futures in April

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B3, which currently offers exchange-traded funds (ETFs) and receipts of ETFs related to cryptoassets, said the official date of the launch could still change.

The company said in a statement the bitcoin futures will be tied to the Nasdaq Bitcoin Reference Price, with each contract set at 10% of bitcoin’s price in Brazilian reais.

“The launch meets the demand for a derivative that allows a hedge against bitcoin’s price fluctuations or a directional exposure to the asset,” B3’s superintendent of swap rates and currency products, Felipe Goncalves, said in the statement.

B3 said the futures contract will have a financial settlement, with no buying or selling of actual bitcoin.