The Financial Times (FT), citing its own sources, reports that the Chicago Mercantile Exchange (CME) plans to launch spot trading of the first cryptocurrency.

The project is under development and the exact timing of its implementation is unknown, but FT sources claim that the launch will take place by the end of 2024. According to their information, CME Group has already held several rounds of negotiations with counterparties willing to invest in Bitcoin, but only in a regulated environment.

The FT assumes that with the implementation of the project, the level of involvement of large institutional funds in the cryptocurrency market will increase significantly. As an example, the publication cites the situation with Bitcoin futures contracts, which were launched by the CME Group at the end of 2017.

CME Group, which operates the Chicago Mercantile Exchange, refrained from making official comments on the matter.

Earlier, the Financial Times stated that cryptocurrency and fintech companies paid several times more fines to the American treasury over the past year than companies in the traditional financial system.