Bakkt plans to launch its cash-settled bitcoin futures in Singapore on December 9.
According to the platform, these new contracts will be settled through ICE Clear Singapore, an ICE unit regulated by the Monetary Authority of Singapore.
Bakkt's new futures will be settled at the price of the existing contracts launched in New York in September, however, unlike these, they will allow investors to receive payments directly in fiat. Lucas Schmeddes, president of ICE Futures Singapore and ICE Clear Singapore, said:
"Our new cash settled futures contract will offer investors in Asia and around the world a convenient, capital efficient way to gain or hedge exposure in bitcoin markets. Building off the success of our deliverable futures contract, the cash settled futures will leverage ICE’s regulated, globally-accessible market to offer a safe, secure and compliant environment for the trading of bitcoin."
Each cash-settled Bakkt contract contains 1 BTC.
Bakkt also plans to launch its bitcoin options on December 9.
Bakkt has recently announced the launch of its institutional custody business, as well as its plans to release a consumer app together with Starbucks in the first half of 2020.
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