Bitcoin Platform Bakkt Reveals Imminent Launch Of Cash-Settled Futures
Bakkt made headlines not too long ago when it's been reported that the Bitcoin futures trading platform of the Intercontinental Exchange (ICE), has received authorization from the New York Department of Financial Services (NYDFS) to provide bitcoin custody to all institutions.
This will reportedly increase the authority of the platform to provide institutions with a regulated Bitcoin futures trading platform.
Bakkt COO Adam White wrote that “a critical link … in the institutional adoption of bitcoin is custody.”
“When investors have ready access to regulated custodians whose security and processes they trust, the full potential of this emerging asset class and technology can flourish,” he continued.
Bakkt is ready to roll out cash-settled monthly futures contracts for BTC
Bakkt said that it’s ready to roll out cash-settled monthly futures contracts for BTC.
It’s been also revealed that the Intercontinental Exchange-operated platform will list the contract on ICE Futures Singapore by December 9th.
It will be settled against the data from physically delivered Bakkt Bitcoin Monthly futures contract, says an announcement from ICE.
The product is another way for BTC investors to hedge
Lucas Schmeddes, president and chief operating officer of ICE Futures and Clear Singapore, says the product is another way for Bitcoin investors to hedge.
“Our new cash-settled futures contract will offer investors in Asia and around the world a convenient, capital-efficient way to gain or hedge exposure in Bitcoin markets,” he said, as cited by the online publication the Daily Hodl.
He continued and explained that “Building off the success of our deliverable futures contract, the cash-settled futures will leverage ICE’s regulated, globally accessible market to offer a safe, secure, and compliant environment for the trading of bitcoin.”
Other than this, the crypto market looks bloody today, with the most important coins trading in the red.
Bitcoin is also trading in the red and the coin is priced at $7,199.56 at the moment of writing this article.
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