Bakkt to Add Cash-Settled Bitcoin Futures Contracts


NEW YORK — Bakkt, Intercontinental Exchange’s (ICE) bitcoin futures trading platform, has stated they will add cash-settled futures offerings before 2020.

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“We have the intention of offering a cash-settled contract as well,” said Bakkt COO Adam White.

“Retail customers can trade our monthly futures contract.”

The new cash-settled monthly futures will be offered through ICE Clear Singapore, the firms Singapore-based clearinghouse.

Traders will be able to access the products worldwide, similar to the structure of its current future contracts through ICE Clear U.S.

According to White, the new product was a direct result of customer demand. The new contract will be built on the same data utilized by Bakkt’s physically-settled bitcoin futures contract.

Bakkt is hoping to launch the new product by the end of the year, but the firm is still in discussions with the Monetary Authority of Singapore (MAS).

Launched in 2018, Bakkt spent over a year developing and launching its current physically-settled bitcoin futures contracts, the first of its kind.

Customers receive actual bitcoin on the expiration of the contract instead of fiat.

The Chicago Mercantile Exchange (CME) is currently the only provider of cash-settled bitcoin futures in the U.S.

Bakkt hopes to offer both options for its customers.

Recently, Bakkt announced plans to develop an app to allow customers to purchase goods with bitcoin from merchants.

The release date is set for some time next year.

On Monday, the company stated they would be expanding its custody services to all institutional clients.

Prior to the announcement, Bakkt only offered its custody services to customers who trade futures on ICE.

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