As you may know, Bakkt was big for being the first platform to offer futures settled in actual Bitcoin, which, to many, brought some sort of legitimacy to the cryptocurrencies, blockchain, and more. However, offering Bitcoin to USD settled Futures, to some, represents them going back on that notion.
“Bakkt Bitcoin Cash Settled Monthly Futures will be settled against data from the physically delivered Bakkt Bitcoin (USD) Monthly Futures contract, the first fully regulated futures market for digital assets,” reads a press release from the company. They will list on ICE Futures Singapore and be cleared by ICE Clear Singapore, which is regulated by the Monetary Authority of Singapore.
Interestingly, this news comes to us shortly after learning that the platform has nearly doubled its all-time-high volume, as BeInCrypto has previously reported. That, and Bakkt is also looking into testing a consumer application for retail Bitcoin traders.
At press time, many cryptocurrency enthusiasts on Twitter were a little less than thrilled about this scenario, with one user remarking on the fact that Bitcoin was their entire settlement.
Cash settled? Your entire premise was btc settlement.
— crypto_deniro (@crypto_deniro) November 22, 2019
Another user, @jwymanm, came out against the company claiming that they are “one with CME.”
Completely virtual "settlements" – absolute opposite of what you said it would be. You are one with CME.
— ree (@jwymanm) November 22, 2019
As you may know, the CME Group is one of the platforms that offered USD settled Bitcoin Futures, and again, Bakkt was meant to be the one that legitimized Bitcoin settled Futures against that. Recently, a popular YouTuber went after Bakkt, calling it Wall Street’s attack on Bitcoin.
Images are courtesy of Shutterstock, Twitter.
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