As announced by Bakkt COO Adam White on November 12, Intercontinental Exchange’s cryptocurrency venture Bakkt is planning to offer cash-settled BTC futures contacts before the end of the year.
New derivatives might reportedly be traded on ICE Futures Singapore and offered via the company’s Singapore-based clearinghouse to customers worldwide. According to sources familiar with the matter, the company has not yet received the final approval from the local regulator.
According to White, the expansion from Bakkt physically-settled bitcoin futures contracts to cash-settled ones is demand-driven and will be based on the information from the existing physically-settled product.
The much-anticipated Bakkt bitcoin futures launched in September and experienced low trading volumes at first. However, during October, the platform’s trading volume increased gradually, continuously breaking its own records. Bakkt’s bitcoin futures contracts trading all-time high was registered on Nov. 8, trading 1,756 contracts on that day, estimated to be worth around $15.6M. This week the trading decreased to 1,456 contracts on Nov.12.
Earlier this week Bakkt announced that their qualified custodian of bitcoin, Bakkt Warehouse, which previously only served its clients that traded the Bakkt Bitcoin Futures contracts, is available to all institutions.
Other upcoming Bakkt developments include the launch of the first regulated options contracts for bitcoin futures, scheduled for Dec. 9, and a consumer app, which will be tested first with Starbucks, expected to launch sometime during the first half of 2020.