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Bakkt’s collaboration with the ICE’s leading futures exchange and clearing infrastructure most likely to bring physical delivery futures contracts to market participants in 30 countries, which has been the talk of the town.
On the back of this development, we witness yet another news pertaining to cryptocurrency derivatives scope, ‘Blade’ is geared up for unveiling a new cryptocurrency derivatives exchange in upcoming weeks.
As a part of this project plan of cryptocurrency derivatives exchange, the firm raised funds of $4.3 million from the renowned cryptocurrency platform ‘Coinbase’ and the major investor ‘SV Angel’.
Blade’s funding intentions are reported by Tech Crunch in the recent past. The report signifies that Blade is intending to render trading service mechanism for cryptocurrency-based perpetual swap contracts.
Before the launch, Mr. Jeff Byun the CEO and his co-founder Henry Lee founded OrderAhead, a delivery startup platform that was eventually acquired in-part by Square in 2017. The pair’s newest company shares little in common with their previous venture, but they are bringing aboard some of the same investors to support them.
Blade CEO Jeff Byun commented on the company’s aims for their derivatives platform, saying:
“In the long term, we want to be the CME of crypto. Coinbase and Binance are building this foundational structure for crypto, but I think we are too and in a sense that derivatives are at their core about risk transfer, we want to be building the foundational layer for risk transfer in the crypto markets.”
First, the perpetual contracts will be drawn up using standard, simple contracts. Second, the perpetual will use Tether’s stablecoin USDT for settlement and margins. Third, trades can be leveraged up to 150 times their price for cryptocurrency trading pairs.
Bakkt is also lined up for the launch date for its Bitcoin (BTC) futures project in 3rdquarter owing to the pending of approval from the New York Department of Financial Services (NYDFS), as per a recent report by The Block.
Several investment veterans and the industry analysts reckon that the launch of Bakkt can act as the bullish driving force for cryptocurrency prices.
