Asia’s Bitcoin futures trading volumes “almost the same” as US: crypto trading expert
Don Wilson, founder of trading company DRW, has stated that Asia’s Bitcoin futures trading volumes are almost the same as the volumes seen in the U.S. While speaking to John Detrixhe of mediahouse Quartz at the CoinDesk Consensus Singapore 2018 conference, Wilson discussed the trends seen in crypto trading and its scope for growth in the future.
DRW, among the first companies to foray into cryptocurrency trading, had launched its OTC trading desk Cumberland in 2014, back when high-profile banks such as JP Morgan and Goldman Sachs were not fully prepared to launch similar services.
A Wall Street Journal report from last year mentioned that Cumberland’s trading volumes of Bitcoin, Ether and other cryptocurrencies in 2016 had exceeded $20 billion.
The decentralized nature of digital currencies is what led Wilson to start a crypto trading platform. “There’s the argument about bitcoin as a store of value. But, more interesting to me, is the usefulness of bitcoin. The ability of transfer values without a trust in the system is hugely disruptive,” he explained.
Wilson referred to data related to Bitcoin futures trading on US exchanges provided by CME Group and CBOE Global Markets and stated that Asia may have demand for similar trading tools.
”If you look at the bitcoin futures data from CME and CBOE, volume in Asia hours are almost the same wth the U.S. … Whereas in like foreign exchange, even for the Japanese yen-dollar trading, volume in Asia is significantly lower,” he said.
Wilson’s opinion on regulators
Wilson concluded by pointing out a major issue concerning the crypto industry. According to his statement, “one of the biggest problems in this industry is the lack of clarity from regulators on what the rules are.”
He cautioned that such uncertainty revolving regulating cryptocurrencies “…could drive away innovative projects in the space to other jurisdictions with clearer guidelines such as Switzerland and Singapore.”
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