Bakkt has announced its plans to launch cash-settled bitcoin futures in Singapore before 2020.

The Bitcoin futures trading market backed by Intercontinental Exchange (ICE) Bakkt has shown its intention to launch cash-settled bitcoin futures on its platform.

From Physically-settled BTC futures to Cash-settled BTC futures

Bakkt has announced to expand its platform by offering cash-settled bitcoin futures on its platform. Previously, the bitcoin futures trading platform was only offering physically-settled bitcoin futures. But now it has planned to expand its platform from physically-settled bitcoin futures to cash-settled BTC futures.

The Chief Operating Officer (COO) of Bakkt, Adam White has announced it on Tuesday during Invest: NYC conference that the ICE subsidiary is working on including a new product.

During the conference, Adam White said:

We have the intention of offering a cash-settled contract as well.

Bakkt plans to offer these new cash-settled monthly bitcoin futures through the Singapore unit of ICE that is ICE Clear Singapore. These futures will be available for worldwide traders similarly as the current bitcoin futures are available.

Furthermore, Bakkt’s COO Adam White said that this new product would be based on the data provided by the physically-settled futures product of Bakkt and is actually a response to customer demand.

Bakkts aims to launch the Cash-settled bitcoin futures before the start of 2020. For this purpose, the company is in discussion with the Monetary Authority of Singapore (MAS) which is known as the country’s central bank and financial regulatory authority.

Bakkt seems to beat the CME group

After this announcement, the Bakkt platform seems to beat its competitive CME group. At the present time, only CME Group is offering cash-settled bitcoin futures.

But now, Bakkt will leave behind CME group as it will provide both cash-settled and physically-settled bitcoin futures on its platform.

Adam White pointed out the retail customers during the Tuesday conference. While speaking of retail customers, he said: