New York Stock Exchange owner launches Bitcoin futures contract
The owner of the New York Stock Exchange, Intercontinental Exchange (ICE), has launched its Bitcoin (BTC) futures contracts, in a move aimed at attracting investors who have hesitated about trading the cryptocurrency, according to CNBC.
The first trade in the new contracts were executed on ICE’s futures exchange at a price of $10,115, Bakkt, the firm behind the contracts, said in a Twitter post.
Bakkt is an ICE-backed venture which aims to make trading and paying with cryptocurrencies viable for retail and institutional investors.
The futures are physically deliverable, which means they will pay out in bitcoin upon settlement.
According to ICE’s website, investors will be able to trade in daily or monthly futures. Bakkt, which partnered with ICE to launch the derivatives, also counts Microsoft venture arm M12 and Boston Consulting Group as investors.
The company teamed up with coffee chain Starbucks last year to allow people and institutions to buy, sell, store and send cryptocurrencies.
FURTHER READING: ALGN stock price