Snapshot: First physical bitcoin futures at ICE

Crypto-avenues remained sluggish across the board despite getting quite a few constructive news flows from a keenly awaited blockchain start-up.

Well, the new cryptocurrency start-up established by the Intercontinental Exchange (ICE), is all set to launch bitcoin futures contracts which would be first physically delivery facilities. The announcement was confirmed yesterday by ICE, that will offer new tracks especially for institutional clients and retail traders to make an access for cryptocurrency trading. ICE, which also operates the New York Stock Exchange (NYSE) released the latest specifics about this development on September 25.

Bakkt, ICE’s “regulated ecosystem” for institutional investors intending to obtain exposure in cryptocurrency-space, that will offer futures against at least three predominant fiat currencies: the U.S. dollar, British pound sterling and euro.

While Bakkt further clarified tweeter on yesterday that “Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR,” “For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.”

The announcement carries from earlier notice by Bakkt back in August that they would not offer margin trading or use leverage with Bitcoin, saying it did not want to “serve to create a paper claim on a real asset.”

Currency Strength Index: FxWirePro's hourly BTC is flashing at 44 (which is bullish), hourly USD spot index is inching towards 32 levels (bullish), while articulating (at 06:29 GMT). 

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