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Bitcoin Futures: Bakkt Launch in Singapore in Just Two Weeks

November 22, 2019 at 3:02 PM | By Jit Sutradhar News

Bakkt its launch registered in Singapore bitcoin futures contract on December 9, the parent company Intercontinental Exchange (ICE) has announced.

In a blog post on Thursday, ICE said Bakkt Bitcoin Monthly Cash Settled Futures contracts will be listed on the ICE Futures Singapore and cleared by ICE Clear Singapore – both governed by the de facto central bank of the island-state, the Monetary Authority of Singapore (MAS).

Cash settled contract will be settled against the price Bakkt bitcoin is physically delivered futures contracts, launched in the US in late September. The contract size in one bitcoin and settled in US dollars.

“New cash settled futures contract we will offer investors in Asia and around the world with a capital efficient manner convenient to gain or hedge exposure in bitcoin market,” said Lucas Schmeddes, president and COO of ICE Futures and Clear Singapore.

Bakkt said recently CoinDesk Invest this: NY event earlier this month that it plans to offer cash settled futures in Singapore.

ICE subsidiary also revealed on October 24 that it would “launch the first option for the futures contract set bitcoin,” also on December 9, and expanded its bitcoin arrest victims outside the client’s futures broader institutional customers on November 11. Digital Galaxy into one of the first clients this week, tapping Bakkt and Fidelity Digital Assets to save bitcoin for two new funds.

This week, MAS said it is looking for a green light cryptocurrency derivatives on regulated platforms and seek feedback through consultation paper. Authorities said investor demand has driven the decision.

Image via Shutterstock

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