<p>After obtaining a so-called designated contract market license (DCM) from the Commodities Futures Trading Commission (CFTC) in June, LedgerX has now launched physically delivered bitcoin options and custody for retail investors. According to a statement from the company, the company's OMNI platform soft-launched last week and is now fully operational and serving both retail and institutional players.</p> <p>The OMNI platform is part of a retail push, supporting the trading of swaps, options and futures for retail users. The firm<a href="https://www.theblockcrypto.com/2019/04/15/ledgerx-looks-to-join-bitcoin-futures-party-as-it-makes-a-big-push-towards-retail/"> told The Block in April</a> that it hoped to offer the first bitcoin futures product of its kind. Crypto exchange Bakkt was looking to execute a similar project, according to a leaked slide deck from the company, but it seems LedgerX has won the race. </p> <p>However, Bakkt is seeking a license to operate as a trust, while LedgerX went the route of DCM and DCO licenses, which <a href="https://www.theblockcrypto.com/2019/06/25/ledgerx-snags-license-from-cftc-clearing-the-way-for-first-physically-delivered-futures-and-swaps-in-us/">some have said</a> means its contracts are likely to be fully collateralized, so traders can’t legally trade them on margin.</p> <div>Physically delivered futures pay out to customers in bitcoin at the expiration of a contract. In comparison, cash-settled futures are paid in USD. CME, a market-leader for futures, currently only offers cash-settled products.<a href="https://www.businessinsider.com/the-top-cryptocurrency-traders-are-asking-for-a-big-shakeup-to-bitcoin-futures-2018-2/?r=AU&amp;IR=T"> Some have said</a> these products are more prone to manipulation.</div>