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Bakkt Plans to Take on CME with Cash-Settled Bitcoin Futures

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    Bakkt plans to dip its toes into trading cash-settled Bitcoin futures that will be offered through Singapore-based ICE Clear

Bakkt Plans to Take on CME with Cash-Settled Bitcoin Futures
Cover image via www.123rf.com

Bakkt, the cryptocurrency trading platform backed by Intercontinental Exchange, has announced its plan to launch cash-settled Bitcoin futures contracts by the end of 2019, Coindesk reports. 

“We have the intention of offering a cash-settled contract as well,” said Bakkt COO Adam White.    

The report further states that the new product will be offered via the Singapore-based clearinghouse of Bakkt's parent company, but futures traders from other countries (including the US) will also be able to access the product.   

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As reported by U.Today, Bakkt finally went live on Sept. 23 after numerous postponements. The company became the first to launch physically-settled Bitcoin futures, racing ahead of another upstart exchange LedgerX whose plans were thwarted by the CFTC

Bakkt was off to a cold start in September with ridiculously low trading volumes that, according to some market analysts, could be blamed for the crypto rout that took place just days after the launch. At the end of October, the exchange finally got some traction with its trading volume setting new all-time highs

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However, Bakkt's numbers can't hold a candle to that of CME Group. The Chicago-based futures monolith has been the go-to choice of institutional Bitcoin traders ever since its next-door rival Cboe left the playing field back in March due to lackluster demand. The exchange's average trading volume of cash-settled Bitcoin futures reaches 32,500 BTC (~$284 mln).   

Both Bakkt and CME Group are also planning to launch options on Bitcoin futures in the nearest future. CME Group has recently revealed that the new product is expected to go live on Jan. 13, 2020. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
Cover image via 123rf.com

Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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