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Bakkt now plans to offer cash-settled bitcoin futures; looking to beat rival CME Group

Bakkt, a provider of physically-settled bitcoin futures contracts, is now planning to offer a cash-settled version of the product due to customer demand.

“We have the intention of offering a cash-settled contract as well,” Bakkt chief operating officer Adam White told at the Invest: NYC conference on Tuesday.
Bakkt, a subsidiary of Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, could offer cash-settled bitcoin futures via ICE’s Singapore unit, ICE Clear Singapore. But the product will be accessible worldwide.
Bakkt is reportedly in discussions with the Monetary Authority of Singapore, the country’s central bank and financial regulatory authority, to offer the planned product.
Currently, derivatives exchange giant CME Group is the only provider of cash-settled bitcoin futures contracts. Bakkt is not only looking to beat rival CME on the cash-settled product, but also bitcoin options contracts. CME has been preparing to launch an options product tied to its bitcoin futures on Jan. 13, while Bakkt is planning to launch its options contracts on Dec. 9.

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