Paul Stephens from Cboe conducted a fireside chat with Cameron and Tyler Winklevoss covering their insights into Bitcoin and Bitcoin XBT futures that were listed at the Cboe Futures Exchange in December 2017.
They started out discussing Bitcoin and blockchain technology. They often refer to Bitcoin as Gold 2.0 and noted that the CFTC has declared bitcoin as a commodity. Some background was given with respect to the creation of the Gemini Trust, it was noted that it took them two years to get Gemini Trust up and running. The feeling is bitcoin is only going to thrive with a proper amount of regulation and Gemini is being regulated by the New York State Department of Financial Services.
Turning to the futures contracts, it was noted that XBT futures offer market participants the ability to short bitcoin which was cumbersome pre-futures. The discussion turned to the settlement process for XBT futures. Gemini has a daily auction that lasts 10 minutes and concludes at 4:00 pm EST each day. The two largest Gemini bitcoin auctions have occurred on the January and February settlement. It was also noted that the size of the Gemini auction was greater than the total volume of the four largest bitcoin exchanges combined over that same time period.
Finally, looking forward they noted that currently Gemini supports Bitcoin and Ethereum, but they plan to expand into other crypto currencies as is deemed appropriate. They were asked about potential expansion and noted they focus on crypto currencies that fall under the Satoshi Nakamoto type of technology.