Bakkt has become the first exchange to launch the first regulated bitcoin options and cash-settled futures in the United States. The ICE backed bitcoin futures exchange is now using its physically-settled bitcoin contracts as a benchmark to build complementary products.
The first CFTC regulated option on futures contract for bitcoin
The COO of the company Adam White wrote in a blog post that Bakkt Bitcoin Monthly Options are the first CFTC regulated option on futures contracts for the leading cryptocurrency. The contract is based on the benchmark Bakkt Bitcoin Monthly Futures contract and settles into the underlying futures contracts two days prior to expiry on ICE Futures U.S. Adam White further claimed that the Bakkt Bitcoin Options offer important hedging, trading and income-generating opportunities to market participants around the world.
Bakkt CEO to step down from her position
Bakkt’s CEO Kelly Loeffler will join the US Senate from 1st January 2020, but before she enters the US Senate, she will step down from her position as the CEO of the company. She is picked to become the next Georgia Senator. It is considered a positive step for the crypto community as someone from the industry can help frame laws in favor of the crypto industry. It is not clear as to who will replace her as the next CEO of Bakkt. It is speculated that the current COO Adam White could be appointed as the CEO of Bakkt.