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Bitcoin Futures Contracts at ICE Futures Singapore to Become the CoinDesk Bitcoin Futures Contracts

AuthorVlad Schepkov
Published 09/13/2023, 05:40 AM
Updated 09/13/2023, 05:39 AM
© Reuters Bitcoin Futures Contracts at ICE (ICE) Futures Singapore to Become the CoinDesk Bitcoin Futures Contracts

CoinDesk Indices (CDI), a subsidiary of CoinDesk and the leading provider of digital asset indices by AUM since 2014, and Intercontinental Exchange, Inc. (ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Futures Singapore has teamed with CDI to update its bitcoin futures contracts, which will now be known as the CoinDesk Bitcoin Futures contracts (BMC).

These futures contracts provide an institutional-grade solution to enhance marketplace accessibility, including for those precluded from directly holding bitcoin.

Andy Baehr, CFA, Managing Director at CoinDesk Indices, expressed the significance of this partnership, saying, "We are excited to expand our presence into the APAC region through this collaboration with ICE Futures Singapore. This move underscores CDI's commitment to serving global markets and offering world-class solutions to marketplace participants."

The CoinDesk Bitcoin Futures contracts (BMC) will utilize the CoinDesk Bitcoin Price Index (XBX) for its monthly contract settlement. XBX provides a USD-denominated reference rate for the spot price of bitcoin and is calculated every second. Known for being the longest-running, and most trusted benchmark for bitcoin, XBX has been in continuous operation since 2014, and serves as the benchmark for approximately $17 billion of AUM in investment vehicles.

CoinDesk Bitcoin Futures contracts (BMC) will settle against XBX beginning with the October contracts.

"Traded and cleared in Singapore in a regulated environment, we are pleased to offer our customers access to the first futures contract based on CoinDesk's Bitcoin Price Index," said Maria Levanti, President and COO of ICE Futures Singapore.

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For more information on the CoinDesk Bitcoin Futures contracts, please visit www.ice.com/futures-singapore. ICE Futures Singapore does not market the CoinDesk Bitcoin Futures to retail persons resident in Singapore.

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