Bakkt Launching Cash-Settled Bitcoin Futures Contracts in Singapore

Share Article

On Thursday, November 21, the Intercontinental Exchange, Inc (ICE), revealed that Bakkt is prepping to launch Bitcoin to USD settled Futures on December 9.

Sponsored



Sponsored

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.

Sponsored



Sponsored

“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.

Another user, @jwymanm, came out against the company claiming that they are “one with CME.”

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.


Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Max is a cryptocurrency journalist with an affinity for games and emerging technology. After leaving school to start a writing career, he wrote his first article on blockchain and fell down the rabbit hole. Since starting in 2017, Max has worked with multiple blockchain startups and crypto enthusiast spaces, doing his best to educate the world on the nascent technology. Max has been published in various blockchain and crypto related magazines before settling down at BeInCrypto to focus on long-form content.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

BIT Launchpad: Up To 3,500 FREE BIT. Don't Miss The Beat.

Join Now!