By Hassan Mehmood (Saudi Arabia)
Bakkt, the subsidiary platform of Intercontinental Exchange (ICE), announced on Thursday that it will launch the Bitcoin Option Contract in the last month 2019 i.e December. The announcement comes to screen after the record bitcoin futures trading of the month.
The CEO of the company Kelly Loeffler said:
The new contract is based on customer feedback and is designed to hedge or gain bitcoin exposure, generate income, and offer cost and capital efficiencies.
Releasing in December
The Bitcoin option contract will be live on the site from Dec.9 as said in the official announcement. Bakkt will become the first-ever site to offer this regulated BTC option contract on BTC Futures. It is said the new facility will provide an easy opportunity for institutional investors.
The Bakkt Bitcoin Options contract will be based on the benchmark Bakkt Monthly Bitcoin Futures contract and represents another important step in developing this asset class for institutional investors.
Bakkt has issued the whole details about its upcoming program in a blog post and they are going to launch its new product on the feedback of its customers. It was reported to Tokenhell earlier that Bakkt futures trading is not going very well and the condition is very drastic as compared to its competitors. But now, it seems that the platform has been recognized among the crypto traders and made a record trading on Wednesday, the day before the announcement of its new product.
Features of Options Contract
The company has a very big plan for the coming product as it will have special features such as cash or physical settlement, European style options, block trades, broad distribution and liquidity Capital efficiency, and analytics options.
CME Group, who is also offering futures trading, is a powerful opponent of Bakkt. But the ICE subsidiary platform is emerging slowly. This growth is reflected in the sentiments of the CEO shared by Kelly:
Notably, we saw a record 590 contracts of Bakkt Bitcoin Monthly Futures change hands yesterday, October 23. We also completed a milestone with seamless physical deliveries in both our daily and monthly bitcoin futures contracts.
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