Official announcement! Bakkt cash settled bitcoin futures will go live on December 9

On Thursday, the Intercontinental Exchange (ICE) revealed that Bakkt is preparing to launch a cash (US dollar) settlement of bitcoin futures on December 9.

As can be seen from the contract specifications provided by ICE, this cash-settled bitcoin futures contract is 1 BTC in size and the minimum price volatility is $2.5/BTC.


The following is the full text of the announcement issued by ICE:

The Intercontinental Exchange (ICE) is the main operator and data and listing service provider for global exchanges and clearing houses. Today ICE announced the launch of the Bakkt Cash Settlement Monthly Bitcoin (US$) futures contract. The new contract will be listed on the ICE Futures Singapore and liquidated by ICE Clear Singapore, both of which are regulated by the Singapore Monetary Authority (MAS).

Bakkt's cash-settled Bitcoin monthly futures will be settled based on data from the physically delivered Bakkt Bitcoin (US$) monthly futures contract, the first fully compliant digital asset futures market.

Lucas Schmeddes, president and chief operating officer of the ICE Singapore Futures Exchange and Clearing House, said:

“Our new cash-settled futures contract will provide a convenient and efficient way for investors in Asia and around the world to obtain or hedge risk in the bitcoin market. Based on the success of our physical delivery futures contract, cash settlement Futures will leverage ICE's compliant, globally accessible market to provide a secure, reliable and compliant environment for Bitcoin transactions."

You can submit comments on the revised rules by November 29, 2019. The ICE Singapore Futures Exchange plans to list the contract on December 9, 2019, after the completion of the consultation and approval of the change in the rules. In addition to launching a cash-settled Bitcoin futures contract, Bakkt also confirmed that it is testing an app for retail investors and has entered the final stage. Solutions for institutional investors are now turning to retail investors to expand their range of services.

It is reported that Bakkt plans to launch consumer-oriented applications in the first half of 2020 to help customers use cryptocurrencies for small transactions. Bakkt chief product officer Mike Blandina wrote in a blog post that the company is developing an app to support consumers in the use of digital assets when buying goods.