Crypto exchange Bitnomial approved to offer bitcoin futures and options contracts

Bitcoin • April 20, 2020, 6:33PM EDT
Daniel J. Macy / Shutterstock

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.

TAGS
CFTC

AUTHOR

Yilun Cheng profile picture Yilun Cheng

Yilun joined The Block in November 2019. She has a policy background and extensive experience in reporting and writing. She has worked on stories ranging from business to politics.

See More

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on

More by Yilun Cheng