Crypto exchange Bitnomial approved to offer bitcoin futures and options contracts

Cryptocurrency exchange Bitnomial can now legally offer bitcoin futures and options contracts.

Founded in 2015, Bitnomial secured $7.5 million in an equity raise last December. On Monday, the exchange announced that it has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to operate as a designated contract market, effective immediately. 

As such, Bitnomial will be one of the first to offer bitcoin futures and options products, following the lead of CME, Cboe, Bakkt, ErisX, and LedgerX. In the announcement, the exchange stressed that all its contracts will be list-margined and physically delivered.

"We are building the Bitcoin Product Complex, a suite of interrelated financial products, starting with quarterly Bitcoin futures, micro futures, and options," said Bitnomial CEO Luke Hoersten.

"Additionally, our products initially trade on 37% margin and are settled on-chain instead of book entry," Hoersten added.