CoinDesk and ICE Launch Bitcoin Futures Contracts in Singapore
CoinDesk and ICE Partnership
CoinDesk Indices (CDI) and Intercontinental Exchange, Inc. (ICE) have announced a collaboration to update and rebrand bitcoin futures contracts. These contracts, now known as CoinDesk Bitcoin Futures contracts (BMC), aim to provide institutional-grade solutions that enhance market accessibility for entities unable to directly hold bitcoin. This partnership marks CDI's strategic expansion into the Asia-Pacific (APAC) region, reinforcing its commitment to global markets.
Utilizing the CoinDesk Bitcoin Price Index
The BMC will utilize the CoinDesk Bitcoin Price Index (XBX) for its monthly contract settlements. XBX is renowned for its reliability, offering a USD-denominated reference rate for bitcoin's spot price, calculated every second. As a trusted benchmark since 2014, it supports around $17 billion in assets under management (AUM) in various investment vehicles. The October contracts will be the first to settle against XBX.
Regulated Trading Environment in Singapore
The BMC contracts will be traded and cleared in a regulated environment within Singapore. This initiative offers market participants access to a futures contract based on the CoinDesk Bitcoin Price Index, aligning with industry standards and regulatory requirements. However, these futures are not marketed to retail persons residing in Singapore.
Expanding Global Market Presence
This collaboration with ICE Futures Singapore highlights CDI's dedication to delivering world-class solutions for global marketplace participants. By leveraging the trusted XBX benchmark, the CoinDesk Bitcoin Futures contracts aim to provide enhanced trading opportunities and accessibility for institutional investors worldwide. For more details, interested parties can visit ICE Futures Singapore's official website.
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