Investor Alert

Aug. 1, 2019, 2:46 p.m. EDT

CryptoCorner: CFTC Contradicts LedgerX BTC Futures Approval Claim, ICE CEO: Bakkt to Launch Soon, Gibraltar Licenses Crypto Derivatives Trader and UAE to Launch Blockchain Consortium for Businesses

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Nxt-ID Inc. (NXTD)

or Cancel Already have a watchlist? Log In

Aug 01, 2019 (Investorideas.com via COMTEX) -- Point Roberts, WA and Delta, BC - August 1, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID ( NASDAQ: NXTD ) crypto payment tech, Flip bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

Listen to today's Crypto Corner Podcast:


Get the Crypto Corner Podcast on iTunes

Subscribe to Podcast RSS feed:

Crypto Corner

CoinDesk reports that the U.S. Commodities Futures Trading Commission (CFTC) has contradicted recent claims from crypto exchange LedgerX that the latter had received approval to offer physically settled bitcoin ( BTC ) futures. Ledger X had announced the launch of the first physically-settled bitcoin futures contracts in the U.S. on Wednesday, but the CFTC claims the futures had "not yet been approved by the Commission". While other bitcoin futures contracts exist, LedgerX is the first company to offer physically settled futures - which is to say, customers receive actual bitcoin when the contracts expire, as opposed to a cash equivalent. An advantage of this approach is that customers won't have to wait on banks for settlements to transact in fiat currencies. LedgerX CEO Paul Chou told CoinDesk:

"As a digital commodity, bitcoin trades 24/7/365 and our customers expect that from us, so if you trade Sunday night, the banking system did not have to be open."

Another bitcoin futures platform, Bakkt, is set to launch soon, also reported by CoinDesk . During a quarterly earnings call, Intercontinental Exchange ( NYSE:ICE ) CEO Jeff Sprecher said Bakkt (of which ICE is a parent firm) is "working to develop a regulated ecosystem that services the evolving needs of [participants] around the world", and that "subject to final regulatory approvals, we plan to launch our physically settled bitcoin futures in the very near future."

Elsewhere, crypto derivatives trader Quedex has been granted a Distributed Ledger Technology (DLT) Providers license by the Gibraltar Financial Services Commission (GFSC), according to a company blog post yesterday. According to the post, Quedex offers users "the opportunity to trade in futures and options contracts on crypto assets on a fully-fledged, transparent and secure financial platform". Gibraltar's Minister for Commerce, Albert Isola MP, commented:

"From early on in the process Quedex has shown admirable commitment to Gibraltar's principles-based approach to regulation and I am pleased that they will join the growing group of licensed firms operating from Gibraltar in this evolving space. They form part of a strong line up of DLT licensed companies who will help further develop crypto into a maturing and sustainable industry and demonstrate that Gibraltar is leading the way in this industry."

And over in the United Arab Emirates (UAE) it was reported in local outlet Emirates News Agency yesterday that the Dubai International Financial Centre (DIFC), along with Mashreq Bank will launch the region's first KYC-based blockchain consortium for businesses. Arif Amiri, CEO of the DIFC Authority, said:

"This initiative provides a unique opportunity to harness innovative technology to deliver a seamless experience for both newly established and existing companies at the centre."

Sam Mowers, Investorideas

Read other editions of the Crypto Corner

Get the Crypto Corner News by email Get Crypto Corner News

Crypto Corner Sponsors:

More info on the sector:

1 2
This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.