Bakkt to launch cash-settled bitcoin futures next month

Quick Take

  • Bakkt has officially announced its plans to launch cash-settled bitcoin futures next month
  • The new product will be listed by ICE Futures Singapore
  • Lucas Schmeddes, president and COO of ICE Futures and Clear Singapore, said that it will “offer investors in Asia and around the world a convenient, capital efficient way to gain or hedge exposure in bitcoin markets”

Bakkt, a provider of physically-settled bitcoin futures contracts, has officially announced the launch of cash-settled bitcoin futures.

Bakkt will offer the new product via Intercontinental Exchange (ICE)’s Singapore unit and plans to list it on Dec. 9, according to an announcement Thursday.

The unit, ICE Futures Singapore, will list Bakkt Bitcoin (USD) Cash Settled Monthly Futures contract, while ICE Clear Singapore will clear it, both regulated by the Monetary Authority of Singapore.

“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,” said Lucas Schmeddes, president and COO of ICE Futures and Clear Singapore, adding:

“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.” ICE is the parent company of the New York Stock Exchange.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy