CME Group Inc. CME, +0.07% is shutting down its bitcoin-focused bitcoin marketplace for commercial assets.
The move comes as the bitcoin price continues to rally, and as a key market player seeks to build out a more robust portfolio of digital assets.
The company said on Tuesday that the end of the business was a natural one for CME.
Bitcoin, the digital currency, was one of the earliest digital assets, and has continued to expand.
But the price of bitcoin and other digital assets has remained volatile.
In September, the price soared above $1,200, before settling at about $700 on Tuesday.
The company also shut down a bitcoin trading platform, Coinbase, in late July.CME said it expects the bitcoin market to remain volatile, as investors look to get their hands on bitcoin as a hedge against volatility in other digital asset markets.
That’s likely to cause the price to continue to fall.
The bitcoin price fell to $2,400 on Monday.
Citing the volatile nature of bitcoin’s price, the company said that bitcoin trading platforms, such as Coinbase, will not be offered for trading in the future.
The platform has also been shuttered by CME in late August.
