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A supplier of physically-settled Bitcoin futures contracts, Bakkt, has ultimately made the launch of cash-settled Bitcoin futures known.

Bakkt will provide the new product through the Singapore unit of Intercontinental Exchange (ICE). The listing will be done on 9th December, as per the announcement that was made on Thursday.

ICE Futures Singapore is responsible for the listing of Bakkt Bitcoin (USD), and ICE Clear Singapore will be clearing it. Both of these units are managed and regulated by the Singapore Monetary Authority.

Lucas Schmeddes, President and COO, ICE Futures and Clear Singapore, said that the new cash-settled futures contract would provide the investors across Asia and other parts of the world with a convenient and efficient manner in which to explore and protect the exposure in Bitcoin industry.

Schmeddes further added that considering the success of the deliverables futures contract, the cash-settled futures are likely to leverage the ICE’s controlled and globally-approachable market to provide a secure, safe, and amenable environment in which Bitcoin trading can be carried out.

Surpassing rivals

Bakkt first revealed its plans to offer cash-settled bitcoin futures in the previous week. Adam White, the chief operating officer, made the announcement at a conference held in New York.

At present, CME Group, a giant in derivatives exchange, is the sole provider of cash-settles Bitcoin futures contracts. Bakkt is not just looking to surpass its competitor CME on this product, but also Bitcoin options contracts. CME has been gearing up for the launch of options products associated with its Bitcoin futures on coming 13th January. On the other hand, Bakkt is preparing to do the same on the coming 9th December.

Bakkt launched its physically-settled Bitcoin futures in the month of September, and the volumes are quickly picking pace. Toward the start of this month, Bakkt recorded the highest single-day trading volume of $15.34 million. This is more than its previous record of $10,26 million in the month of October.

Recently, Bakkt also made public the launch of its institutional custody business. Besides this, it also plans to launch a merchant portal and cryptocurrency consumer application in the first half of 2020 along with Starbucks.