Intercontinental Exchange’s cryptocurrency venture Bakkt has revealed that Cash-Settled (USD) Monthly Bitcoin Futures contracts are expected to be listed on ICE Futures Singapore on December, 9, reads an ICE press release from November 21.
ICE Futures Singapore has published contract specifications and proposed rule changes that would allow the launch of the product. Stakeholders are invited to comment by November 29. Listing can only be fully confirmed after public feedback examination and the “obtaining of relevant approvals”.
On November 12, Bakkt COO Adam White announced plans to offer cash-settled BTC futures contacts before the end of the year. Now it has been confirmed that new derivatives are planned to be traded on ICE Futures Singapore and offered via the company’s Singapore-based clearinghouse to customers worldwide.
President & COO of ICE Futures and Clear Singapore Lucas Schmeddes shared that cash-settled BTC futures contacts will provide investors from all over the world “a convenient, capital efficient way to gain or hedge exposure” in BTC markets. Earlier Bakkt COO Adam White shared that the expansion from Bakkt physically-settled bitcoin futures contracts to cash-settled ones is demand-driven.