The Brazilian stock exchange operator B3 announced on Thursday that the country's securities regulatory body has given it permission to offer Bitcoin futures contracts, whose negotiations will begin on April 17.

B3 said in a statement that Bitcoin futures would be linked to the Nasdaq Bitcoin reference price, with each contract set at 10% of the Bitcoin price in Brazilian reais. The company currently offers exchange-traded funds (ETFs) and ETF receipts linked to cryptoassets. According to Felipe Goncalves, B3's Superintendent of Swap Rates and Foreign Exchange Products, “the launch meets the demand for a derivative that allows hedging against bitcoin price fluctuations or directional exposure to the