Bakkt Looks to Move Into Singapore With Cash-Settled Bitcoin Futures Through Local ICE Exchange

  • The launch of these new contracts was due to demand from consumers.
  • Bakkt recently announced plans to launch a consumer app as well.

The recent Invest: NYC conference by CoinDesk came with many announcements by cryptocurrency companies around the world. Bakkt’s CEO Adam White was in attendance, stating that the platform is presently working on cash-settled futures before next year, expanding on the current physically settled offerings that the brand has already. White remarked, “We have the intention of offering a cash-settled contract as well.”

Sources familiar with the plan state that ICE Clear Singapore is set to offer the new cash-settled monthly futures. ICE Clear Singapore is a Singapore-based clearinghouse, which trades on ICE Futures Singapore. Still, traders around the world should have access to the product, which will be available through ICE Clear U.S. as well.

The launch of this product comes as the demand amongst consumers rises, and will entirely be derived on specifics from physically-settled bitcoin futures products by Bakkt, launch date is being projected for the end of 2019, but CoinDesk reported that there are still ongoing discussions that need to be completed with the Monetary Authority of Singapore (MAS).

Bakkt was originally announced in August 2018, and they spent over a year in the creation of the physically-settled bitcoin futures contracts. These contracts allow the users to receive a physical “Bitcoin” when the contract expires, instead of the fiat version. The only platform to presently offer these types of contracts in the US is CME, but Bakkt’s new product lets them offer both.

In the last few weeks, Bakkt had said that they were planning to soon offer options contracts, in addition to the futures product that it already established. Their upcoming plans also include a consumer app for purchases using Bitcoin, but the product isn’t planned to be used until next year. The company also announced that they would be creating an opportunity for institutional clients to use their custody services. Before now, these customers were limited to individuals who traded futures on ICE.

White commented on Tuesday that the bitcoin market has been largely driven by retail customers in the last few years. He added, “Retail customers can trade our monthly futures contract.”

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