Bitcoin [BTC] had been on a bull ride making the crypto fans rejoice. Bullish momentum had attracted many prospective users towards the crypto ecosystem. In order to make the most of it, a significant number of organizations had taken a step forward to get their operations legalized. With the official recognition, LedgerX will be able to grant the physically settled Bitcoin futures contracts.
In order to deliver the contracts, it was vital for the New York based organization to get an approval. After. the Commodity Futures Trading Commission [CFTC] has cleared the route for LedgerX to offer physically settled Bitcoin contracts, the organization lined up to offer contracts.
With stricter legal regulations imposed, it became necessary for CFTC to keep an eye on the actions of the exchanges in order to stop any suspicious activity related to the crypto coins.
LedgerX would pursue a similar self-confirmation process that it previously experienced to offer swaps and alternatives, Chou stated,
“Ultimately the products are not that economically different than what we’re already offering but this would open up to a broader [market].”
Many famous exchanges such as Bakkt, Seed CX and ErisX are planning to launch their services in this segment, after getting approved by the regulatory body in the near future.