US-regulated BTC options and cash-set futures
Earlier this week, the Bitcoin Institutional Futures Exchange (BTC) Bakkt launched two new financial products: the first US-regulated BTC options and cash-set futures. The announcement made three months after the company went live with its physically produced futures.
Meanwhile, Kelly Loeffler, CEO of the platform, will reportedly replace Georgia Senator Johnny Isakson in the United States Senate, by the end of the year. Bakkt is an open platform for all services related to cryptocurrency, including trade and warehousing. Intercontinental Exchange, the parent company of Bakkt, launched Bakkt to create an open and controlled global ecosystem for digital assets. Bakkt started providing customer-based complementary products like the physically delivered Monthly Futures Bakkt Bitcoin (USD) To expand the various types of products and services offered. Nine months from its scheduled launch date, Bakkt finally began service on Sep. 23, 2019. Nevertheless, the venture saw only 71 BTC (about $700,000 at the time) traded in the first 24 hours, despite the prolonged excitement and Nevertheless, the situation soon started to change as the Bitcoin futures trading volume surged to 224 contracts on Oct. 9—796 percent higher than the day before. The all-time high has risen to 452 BTC futures contracts a day in two weeks. By the end of the month, Bakkt experienced yet another volume increase that significantly dwarfed previous developments: on Oct. 26, the exchange-traded 1,183 Bitcoin futures contracts, or about $11 million, in one day. Bakkt announced two new Bitcoin investment products which are Monthly Options for Bakkt Bitcoin (USD) and Cash-Settled Futures for Bakkt Bitcoin (USD) earlier this month. The monthly options product, according to the platform, is the first U.S. -regulated Bitcoin futures contract. Commission for Trading in Commodity Futures. According to the announcement, price discovery takes place within a federally regulated market and therefore, is not exposed to unregulated Bitcoin spot markets. Before the end of the year, Bakkt could make more official announcements. The Washington Post announced on Dec. 4 that Governor Brian Kemp of Georgia named Kelly Loeffler to a U.S. seat. Senate, Senate. The Bakkt CEO expected to replace Sen. Johnny Isakson (R-GA), who is planning to retire at year’s end. Loeffler will, therefore, step down from the forum for digital assets. Reportedly she was thanked by the Intercontinental Exchange for her work with Bakkt. The forthcoming entrance of Loeffler into the political scene is a positive sign for the entire crypto industry.