Cryptocurrency trading takes an important place in global trading and this “should continue”, assures Vincent Boy, analyst at IG. Stock exchanges can no longer turn a blind eye to a trend: cryptocurrencies are also part of the portfolios of investors or individuals.
It is in this sense that some exchanges have decided to turn to cryptocurrency platforms. At the end of October, Cboe Global Markets bought the ErisX platform and Deutsche Börse, for its part, acquired a majority stake in Crypto Finance at the end of June. But these investments remain rare in the sector. “As cryptocurrencies are not yet regulated, it remains difficult for traditional, highly regulated exchanges to act freely and develop in this market without facing regulatory difficulties”, adds Vincent Boy.
The techs in ambush
The latest investments from established marketplaces “are not disruptions, we remain in traditional professions”, considers Julien Maldonato, financial industry partner at Deloitte. “You have to be afraid of the arrival of a player like Square which announces the establishment of a decentralized one-token exchanger. Similarly, in Facebook’s Metaverse, there will be trading features even if the tech giants are slower than Uniswap or PancakeSwap, they will have a customer base that will be favorable to them. adds the latter. Moreover, it seems unlikely that the traditional stock exchanges will be able to catch up with the new cryptocurrency exchange platforms, like the giants Binance, Coinbase or even Robinhood. But all is not lost. They keep “one step ahead, by offering regulated products, unlike other platforms”, consider Vincent Boy.
In the meantime, other initiatives are emerging, with the meeting of the two worlds. Since this summer, four ETF providers – ETC Group, WisdomTree, VanEckle and 21Shares – offer financial products in the form of ETPs associated with the price of bitcoin and ethereum, on Euronext. However, these ETFs “are not on bitcoin cash, they are on futures or on companies that have a dependency on bitcoin like Microstrategy. At the moment, there is no ETF directly backed by bitcoin., recalls Vincent Boy. In the United States, an SEC decision is expected by November 14 on a possible Bitcoin ETF.