LedgerX launches DCM on Omni after premature announcement of launching first physically-settled bitcoin futures contract

LedgerX, a US-regulated bitcoin development exchange made a premature announcement of launching the first physically-settled bitcoin futures contract in the country. However, according to a report, LedgerX has not yet received approval from the U.S. Commodities Futures Trading Commission (CFTC).

LedgerX rushed into announcing the news as its competition Bakkt, a sister-company of Intercontinental Exchange also awaits for regulatory approval. It had already announced testing the Bitcoin Futures Contracts on July 22 and in a quarterly earnings call, the CEO of Intercontinental Exchange, Jeffrey Sprecher was noted to say that it is working to develop a regulated ecosystem that would serve the participants from all over the world. Although Sprecher did not mention a date of release for Bitcoin futures, he noted that it would enter the market in the ‘very near future’.

Even though LedgerX might be awaiting CFTC approval for Bitcoin Futures smart contract, it has received approval from the CFTC for designated contract market [DCM], which might pave way for the physically settled bitcoin futures contracts for retail and other clients.

On August 1, LedgerX announced the launch of DCM on Omni.