{"id":118431,"date":"2019-11-13T23:30:49","date_gmt":"2019-11-13T23:30:49","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=118431"},"modified":"2020-03-20T02:45:28","modified_gmt":"2020-03-20T02:45:28","slug":"why-is-bakkt-planning-to-list-cash-backed-bitcoin-futures","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/why-is-bakkt-planning-to-list-cash-backed-bitcoin-futures\/","title":{"rendered":"Why is Bakkt planning to list cash-backed Bitcoin futures?"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/bakkt\/\">Bakkt<\/a> has announced it will be listing cash-settled BTC futures, a pivot in the strategy that may seem at odds with the company\u2019s founding vision.<\/p>\n<p>Bakkt\u2019s Chief Operating Officer <a href=\"https:\/\/cryptoslate.com\/people\/adam-white\/\">Adam White<\/a> made the statement at Coindesk\u2019s Invest conference in New York this week according to <a href=\"https:\/\/cryptoslate.com\/companies\/yap-global\/\">YAP Global<\/a>, stating that the InterContinental Exchange-owned firm intends to launch cash-settled contracts before the close of the year.<\/p>\n<h2>Cash-Bakkt<\/h2>\n<p>The move will come to some as a remarkable about-face for a company that <a href=\"https:\/\/cryptoslate.com\/bakkt-confirms-launch-of-physically-settled-bitcoin-futures\/\">campaigned<\/a> on bringing \u201ctrusted price formation\u201d to the cryptocurrency market with its flagship physically settled BTC contracts, launched in late September, and took the name \u201cBakkt\u201d in a nod to its products being backed\u2014physically settled\u2014in contrast to its cash-settled competitors.<\/p>\n<p>Those concerned about the potential for a total deviation from the firm\u2019s <a href=\"https:\/\/medium.com\/bakkt-blog\/https-medium-com-kellyloeffler-price-discovery-f9c77885383\">purported intention<\/a> not to \u201ccreate a paper claim on a real asset\u201d may find comfort in one detail of the plan, however\u2014the cash-settled offering will reportedly draw its price from Bakkt\u2019s physically-settled BTC index.<\/p>\n<p>Bakkt\u2019s physically settled futures <a href=\"https:\/\/cryptoslate.com\/bakkt-bitcoin-futures-launch-volumes-75-times-smaller-than-cmes-first-day\/\">launched with a fraction of the volumes than that seen on the 2017 debut of CME's cash-settled contract<\/a> (widely considered to be the benchmark for institutional interest in Bitcoin and Bakkt\u2019s initial competitor,) and yet the firm has since reported consistent gains in trade volume, having last week <a href=\"https:\/\/cryptoslate.com\/bakkt-crosses-1m-in-open-interest-what-does-it-show-about-bitcoin\/\">crossed $1 million in open interest.<\/a><\/p>\n<h2>An arms race?<\/h2>\n<p>Now, however, the firm seems to be fixed on outmuscling CME with its own cash-settled product and consolidating power to become the one-size-fits-all institutional trading venue for Bitcoin.<\/p>\n<p>Such a strategy would explain the plans to offer cash-settled contracts as well as a number of recent moves. On Monday, White <a href=\"https:\/\/medium.com\/bakkt-blog\/raising-the-bar-announcing-bakkt-institutional-custody-ed5e2ad0da9a\">announced<\/a> that the New York-based company had opened up its custody solution to any institutions looking to store Bitcoin, in a bid to expand \u201caccess to the global economy by building trust in and unlocking the value of digital assets.\u201d<\/p>\n<p>This mission statement may ring true when it comes to Bakkt\u2019s more <a href=\"https:\/\/cryptoslate.com\/for-the-sake-of-market-integrity-bakkt-wont-offer-bitcoin-futures-margin-trading\/\">long-standing ambitions<\/a>, having taken on corporate giants including Starbucks and Microsoft as inaugural investors apparently in order to accelerate the global adoption of &#8220;digital assets.&#8221; And yet, time will tell if Bakkt's original intentions\u2014about preserving the integrity of Bitcoin\u2014will outweigh the desire to dominate the institutional cryptocurrency market as quickly as possible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bakkt has announced it will be listing cash-settled BTC futures, a pivot in the strategy that may seem at odds with the company\u2019s founding vision. Bakkt\u2019s Chief Operating Officer Adam White made the statement at Coindesk\u2019s Invest conference in New York this week according to YAP Global, stating that the InterContinental Exchange-owned firm intends to [&hellip;]<\/p>\n","protected":false},"author":175,"featured_media":118456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,39],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why is Bakkt planning to list cash-backed Bitcoin futures?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/why-is-bakkt-planning-to-list-cash-backed-bitcoin-futures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why is Bakkt planning to list cash-backed Bitcoin futures?\" \/>\n<meta property=\"og:description\" content=\"Bakkt has announced it will be listing cash-settled BTC futures, a pivot in the strategy that may seem at odds with the company\u2019s founding vision. Bakkt\u2019s Chief Operating Officer Adam White made the statement at Coindesk\u2019s Invest conference in New York this week according to YAP Global, stating that the InterContinental Exchange-owned firm intends to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/why-is-bakkt-planning-to-list-cash-backed-bitcoin-futures\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-13T23:30:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-20T02:45:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/bakkt-cash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jonnie Emsley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jonnie Emsley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/why-is-bakkt-planning-to-list-cash-backed-bitcoin-futures\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/why-is-bakkt-planning-to-list-cash-backed-bitcoin-futures\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#person\",\"name\":\"Jonnie Emsley\",\"url\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"caption\":\"Jonnie Emsley\"},\"jobTitle\":\"Contributor\",\"description\":\"Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. 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