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Bakkt to Launch New Product as Its Bitcoin Futures Set New Trading Volume Record

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    Bakkt will allow its customers to trade Bitcoin futures contracts starting from Dec. 9

Bakkt to Launch New Product as Its Bitcoin Futures Set New Trading Volume Record
Cover image via u.today

Bakkt CEO Kelly Loeffler has announced in her recent Medium blog post that Bakkt is planning to launch Bitcoin options on futures on Dec. 2019. After one month without fees, Bakkt will start charging $1.25 per one option contract in January 2020.    

 "The new contract is based on customer feedback and is designed to hedge or gain bitcoin exposure, generate income, and offer cost and capital efficiencies."

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Once again, the ICE-backed exchange positions itself trailblazer given that regulated Bitcoin options are a novel product on the market. The company's option contracts have already been self-certified by ICE Futures US.    

As reported by U.Today, Bakkt became the first regulated exchange to launch physically settled Bitcoin futures, which means that traders would be able to get payouts directly in the orange coin instead of cold hard cash. 

However, after the highly-anticipated launch, everyone and their uncle branded the ICE-backed exchange as a "flop." Its trading volume represented just a modicum of what CME Group, the Chicago-based futures exchange that also plans to launch options, would trade on a daily basis. 

On Oct. 23, Bakkt traded $4.8 worth of BTC, which once again put it in the spotlight after the underwhelming start.  

"Notably, we saw a record 590 contracts of Bakkt Bitcoin Monthly Futures change hands yesterday, October 23."

The new milestone coincided with the Bitcoin price dropping below the pivotal support level at $7,500, which most likely means that traders saw this as a shorting opportunity and turned to the exchange. 

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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's Partner Wants to Transform Gaming Industry with XRP

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    Forte reveals the benefits of using Ripple's XRP for creating digital economies

Ripple's Partner Wants to Transform Gaming Industry with XRP
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Contents

San Francisco-based company Forte, which formed a $100 mln fund in partnership with Ripple's investment arm Xpring back in March, keeps working on applying the blockchain technology in gaming.

Recently, Forte co-founder Brett Seyler explained the benefits of using XRP.  

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Blockchain-based gaming economies  

Forte is helmed by top-tier industry executives (including its founding CEO Kevin Chou) who are not focused on creating new powerful economies within the $140 bln gaming while making it more decentralized. 

There have been multiple attempts at creating a killer gaming dApp, but the technology is still way too cumbersome for the average Joe. Forte wants to address the adoption problem by making such games more approachable.       

“Creating game economies with multi-sided participation, open markets and increased transparency offer a potent solution to the challenge of the complexity plaguing game developers that result in stagnant economy design,” said Seyler.  

Blockchain is a perfect tool for creating peer-to-peer gaming economies since it could make in-game transactions easy, fast, and transparent.       

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The impact of XRP  

In order to make the magic happen, Forte utilizes the Interledger protocol (ILP) that was created by former Ripple CTO Stephan Thomas for establishing connections between multiple blockchains. 

On top of that, the startup also uses XRP for increasing the level of interoperability as well as security and liquidity.  

Since its inception, Xpring invested more than $500 mln in around 20 companies to streamline the adoption of XRP.  

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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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