Bakkt plans to offer cash-settled Bitcoin futures

At the Consensus Invest conference on Tuesday, Bakkt COO Adam White announced his company’s plans to launch cash-settled Bitcoin futures. The futures would be offered via ICE Clear Singapore, Bakkt’s parent company’s Singapore-based clearinghouse. The product would be traded on ICE Futures Singapore and available worldwide.

Why it matters:

• The announcement signals increasing competition between Bakkt and CME, which currently provides the only cash-settled Bitcoin futures.
• The announcement follows yesterday’s CME’s announcement that it would be launching Bitcoin options contracts, which just weeks after Bakkt announced it would also be launching a similar product.
  

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