The cryptocurrency trading platform, Bakkt plans to offer cash-settled bitcoin futures before 2020 according to the Coindesk report. Bakkt intention is to expand from its current physically-settled to cash-settled futures.
Bakkt COO Adam White said:
“We have the intention of offering a cash-settled contract as well”
Furthermore, according to sources news they want to start their new offer (cash-settled bitcoin futures) from ICE Clear Singapore, Bakkt’s parent company. It is a Singapore-based clearinghouse and traded on ICE Futures Singapore.
The door of accessing the new product is opened for all future traders worldwide. The US is among them.
According to White, The new product is a response to customer demand. It will be based on the data provided by Bakkt’s physically-settled bitcoin futures product.
First Look Of Bakkt
In August 2018, Bakkt, first uncovered. It took more time probably more than a year to build and launch physically-settled bitcoin futures contracts. In which customers receive the actual bitcoin on a contract’s expiration rather than the fiat equivalent. Presently, only CME Group (Chicago Mercantile Exchange & Chicago Board of Trade) offers cash-settled bitcoin futures contracts in the U.S. and expected to go live on Jan. 13, 2020. But, Bakkt will be able to offer both with its new product.
In recent weeks, the company has announced its intention to offer options contracts on top of its existing futures product. Also a consumer app to let customers purchase goods with bitcoin from merchants sometime next year.
On Monday, Bakkt announced that it would be expanding its custody services to any institutional clients. Growing out from only offering services to customers who trade futures on ICE.
“Retail customers can trade our monthly futures contract”
Writer, researcher, and analyst on cryptocurrency and blockchain technology at L&P Digitech Pvt. Ltd. Also managing the content with SEO at this current company. Keen interest to know more about new technologies related to the crypto world and blockchain technology. Completed Masters in Computer Application (MCA) and holds Post Graduate Diploma in Instructional Designing with sound knowledge in Articulate3. Out of all, love to travel, listen to music, and to eat also.