Due to its obsession for “firsts”, XBTO Group says it has perfected the first option trade on Bakkt. Philippe Bekhazi, the Chief Executive Officer of XBTO Group, made the announcement on his social media page shortly after achieving the milestone.
XBTO Group, is a crypto finance firm involved in diverse digital currency dealings since 2015. The group is made of finance and technology professionals with invaluable experience at leading financial firms. The firm became the first to achieve option trading on Bakkt.
Followed by the action was Bakkt’s official announcement that it is expanding its Bitcoin product complex, emphasizing that it now offers Bitcoin options and cash-settled features.
Bakkt in the statement revealed that Intercontinental Exchange acquired the International Petroleum Exchange in 2001, leading to the “most important contracts ICE would ever offer — the ICE Brent Crude Oil Futures”.
The contract becomes the global standard for crude oil, trading over 1 million lots per day. The idea was followed by the launch of hundreds of oil contracts across futures, options and swaps, leveraging the benchmark Brent Crude Oil Futures contract.
The contracts offered price discovery and risk management to different market participants to be able to serve the hedging and trading requirements of institutions, traders, consumers, and producers.
Bakkt in the statement revealed that it would be leveraging “a similar playbook to expand” its suite of products.
The firms said it will begin with physically delivered Bakkt Bitcoin (USD) Monthly Futures.
The Bakkt Bitcoin (USD) Monthly Options will be the maiden the CFTC regulated option on futures contract for bitcoin. It is based on the benchmark Bakkt Bitcoin (USD) Monthly Futures contract.
As well, the Bakkt Bitcoin (USD) Cash Settled Futures is available on ICE Futures Singapore, a duly approved exchange in Singapore offering Asia and abroad a seamless, capital-efficient means of hedging or gaining exposure to bitcoin.
