NYSE launches Bitcoin futures

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The Intercontinental Exchange Inc., the parent company of the New York Stock Exchange, has launched a market for Bitcoin futures part of a venture called Bakkt.

The goal is to help make cryptocurrencies more transparent and regulated for use with retail purchases, according to a report by The Wall Street Journal.

Traders that hold the future until they expire will be paid in bitcoin or send the bitcoin to Bakkt to settle their bets.

With this venture, retailers could help protect themselves from wild swings in value in cryptocurrencies. The exchange has attracted major investors including Starbucks Corp. and Microsoft Corp.

Traders, however, must use smaller clearing firms to gain access to the Bitcoin futures since larger firms such as Goldman Sachs Group Inc. doesn’t plan to clear the futures.

Topics: Banking, Bitcoin, Cryptocurrency, Regulation

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