Ethereum (available on Coinbase) is now firmly established as the cryptocurrency with the second biggest market cap after Bitcoin (available on Coinbase), and more good news could be on the way for the coin if recent reports regarding CTFC approval of Ethereum (available on Coinbase) futures are to be believed.

According to a report from Coindesk, the United States Commodity Futures Trading Commission could be all set to approve it, provided Ethereum (available on Coinbase) passes the commission’s stringent tests. Needless to say, it would be a significant development for the cryptocurrency if it eventually comes to pass.

ETH is up by 8% at the time of writing.

Breakthrough

The main target of many cryptocurrencies is often to get mainstream legitimacy, and it is no different when it comes to Ethereum (available on Coinbase). This is a particularly significant development since it opens up the field for large institutional investors to get into Ethereum (available on Coinbase) in a big way. If the approval is actually granted, then there is every chance of Ethereum (available on Coinbase) carving out a much bigger niche for itself in the crypto market at large.

For many years, institutional investors have not been comfortable with investing in cryptocurrencies, since crypto exchanges do not provide the sort of security that they look for. Plenty of cryptocurrency exchanges have been attacked, and investors have lost millions over the years. For institutions to invest large sums of money, secure channels need to be available, and the approval of Ethereum (available on Coinbase) futures could be just the instrument to provide this.