Everyone expected it to be new Bakkt first, but LedgerX is faster. From today (Wednesday July 31) it is possible to trade in physical bitcoin futures. Paul Chou, director of LedgerX, announced this in an exclusive interview with Coindesk.
Normally with bitcoin futures you do not trade with real bitcoins, but speculate on the price. This is different for Bakkt and LedgerX. Every bitcoin in a bitcoin future contract is covered by bitcoin. The launch of Bakkt has been postponed a few times because the correct permits have not yet been received, but LedgerX can start trading from today.
Unlike Bakkt, LedgerX also focuses on the investor with the “normal” wallet. Anyone who comes through the Know Your Customer policy may start trading. So you don’t have to have millions of euros or dollars.
In addition, you do not have to bet dollars to speculate on the bitcoin rate. It is also possible to purchase contracts with bitcoin. This ensures that you can act immediately, since you are not dependent on a bank transfer.
Paul Chou from LedgerX is very enthusiastic:
“Imagine, you deposit bitcoin on our platform. Then you don’t have to use the American banking system at all. That is why it is very important that it concerns physical bitcoin futures. I think this is one of the most unique use cases for bitcoin. You use cryptocurrency as the only collateral. “
Before LedgerX could start offering physical bitcoin futures, it had to get permission from the Commodities and Futures Trading Commission (CFTC). LedgerX received a DCM license last month, which means that the last green light has been given.
This means that LedgerX is the first company to offer physical bitcoin futures. But Bakkt is also about to launch. The plan is that Bakkt will definitely start this quarter.
What influence does the launch of physical bitcoin futures from LedgerX have on the price of bitcoin? Follow the live bitcoin course on our course page:
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