Bakkt, the InterContinental Exchange (ICE)’s digital asset platform has introduced the first regulated Bitcoin (BTC) options and cash-settled futures in the United States.
Bakkt is currently utilizing its physically settled Bitcoin contracts as a benchmark to create complementary products, according to an announcement on December 9.
Bakkt’s monthly finance will be a benchmark for other new products.
Bakkt COO Adam White announced the news in a blog post,The post reads:
“By starting with the physically delivered Bakkt Bitcoin (USD) Monthly Futures, we have a benchmark contract that provides the foundation for us to develop complementary products based on the needs of our customers.”
First Bitcoin choices
regulated by the CFTC
Bakkt Bitcoin (USD) Monthly Options and Bakkt Bitcoin (USD) Cash-Settled Futures are the two new products.
The Bakkt’s monthly choice product is the first regulated Bitcoin futures contract regulated by the United States Commodity Futures Trading Commission. The announcement notes, price findings occurs within a federally supervised market and has no exposure to unregulated Bitcoin spot markets.
The “cash-settled futures product” is a new contract that will be initially available on ICE Futures Singapore, an accepted exchange in Singapore. The blog post reads, the contract is established in the settlement price of the benchmark Bakkt Bitcoin monthly future contract and supply an choice for participants who are unable to trade our physically delivered contract.
Bakkt CEO to enter the United States Senate
The news comes after Kelly Loeffler, Bakkt CEO was appointed to a United States Senate seat. Loeffler will take the place of Senator Johnny Isakson (R-GA), who plans to stop working at the end of the year, according to media reports.
Bakkt platform is one of the most assured crypto-related enterprises to date as its physically settled Bitcoin futures have become one of the most articulated products in cryptocurrency.
Bakkt continued to grow, moderating gaining momentum on cryptourrency markets while the platform reported low volumes at the launch on September 23. As such, On December 3, Bitcoin futures open interest on Bakkt hit another all-time high of $6.5 million.
According to a report, in late November, another record for Bitcoin futures trading on Bakkt, which accounted for 5,600 Bitcoin (BTC) on the day.