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Bakkt in Discussions to Offer Cash-Settled Bitcoin Futures in Singapore

Bitcoin futures market Bakkt intends to expand from its current physically-settled offerings to cash-settled futures before 2020. Bakkt COO Adam White announced Tuesday during CoinDesk’s Invest: NYC conference that the Intercontinental Exchange (ICE) subsidiary is working on adding the product. “We have the intention of offering a cash-settled contract as well,” White said. According to sources familiar with the plan, the new cash-settled monthly futures are to be offered through ICE Clear Singapore, the company’s …

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Bakkt Expands Bitcoin Custody Service Beyond Futures Trading Clients

Bakkt is ready to store customers’ bitcoin. Intercontinental Exchange’s bitcoin subsidiary announced Monday it would provide custody services for institutional clients. Pantera Capital, Galaxy Digital and Tagomi have already signed on as initial customers for “Bakkt Warehouse,” with other “marquee firms” expected to join over the next few weeks. When it first launched, Bakkt was only able to provide custody services to clients trading its bitcoin futures contracts. Monday’s news comes amid an additional approval by …

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Bitcoin Needs ‘Real Use Cases’ to Become Digital Gold, Says ICE Chief

Bitcoin might become “digital gold,” but first it needs to be used more in everyday business, Intercontinental Exchange’s chief executive said. During a quarterly earnings call Thursday, ICE head Jeffrey Sprecher said that he sees use in transactions as the prerequisite to bitcoin becoming a long-term store of value. The company’s Bakkt subsidiary, which runs a bitcoin futures market, announced this week that it is developing an app for consumers to buy goods from merchants, beginning …

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Bakkt to Launch Crypto ‘Consumer App’ in First Half of 2020

Bakkt plans to launch a consumer-facing app to help retail customers transact with cryptocurrencies, the company announced Monday. In a blog post, Bakkt chief product officer Mike Blandina wrote that the company was working on developing an app to let consumers use digital assets when purchasing goods from merchants. “We’ll be launching a consumer app to make it easy for consumers to discover and unlock the value of digital assets, as well as ways in …

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Galaxy Digital, XBTO Just Made the First Block Trade of Bakkt Bitcoin Futures

Cryptocurrency investment fund Galaxy Digital and over-the-counter (OTC) trading firm XBTO have conducted the first-ever block trade of Bakkt’s bitcoin futures contract. Intercontinental Exchange (ICE), Bakkt’s parent company, announced the trade Friday but did not disclose its size. A block trade is a large transaction that takes place off the open market in order to avoid moving the price too much. The trade, which took place Tuesday, comes on the heels of a disappointing launch …

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Trading Volume for Bakkt’s Bitcoin Futures Hit Just $5 Million in First Week

The Intercontinental Exchange’s highly anticipated bitcoin futures contract mustered just $5 million of total trading – and its daily product traded fewer than five contracts across its first week. According to the exchange’s Bakkt division, set up last year by the Atlanta-based company as a new marketplace for digital assets, some 623 monthly bitcoin futures contracts changed hands last week. Both the monthly and daily contracts debuted on Sept. 23. Each of Bakkt’s futures contracts …

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LedgerX Claims ‘Personal Animus’ Drove Ex-CFTC Chair to Stall Approvals

LedgerX executives claim the U.S. Commodity Futures Trading Commission (CFTC) is treating them unfairly – because of a blog post. According to two letters obtained by CoinDesk via a Freedom of Information Act (FOIA) request, LedgerX believes former CFTC Chairman J. Christopher Giancarlo was personally biased against the company, and improperly used his position to delay the approval of an amended Derivatives Clearing Organization registration. “We have strong reason to believe that this unreasonable delay …

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How Leverage Can Help With Bitcoin’s Price Discovery

Bitcoin (BTC) is like any other asset class in that it captures value through organic price discovery conducted via trading activity on global exchanges. Yet leverage and margin trading, in general, can help “turbo-charge” demand for an asset. They can also free up capital, thus increasing liquidity within a given market as traders look to use their capital elsewhere. It’s an investment strategy of using borrowed money for the use of various financial tools to …

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Bakkt COO Opens Door to Retail Investors in Newly Launched Bitcoin Futures

Well, that was a bit anticlimactic. After two years of work and more than a year of hype and regulatory delays, the Bakkt bitcoin futures market had a lackluster first day of trading. When the session closed at 22:00 UTC Monday, only two daily futures contracts and 71 monthly futures contracts had traded on the new platform, built by New York Stock Exchange parent company Intercontinental Exchange. The first daily contract didn’t even trade until 18 hours …

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