Bakkt, the cryptocurrency venture of the Intercontinental Exchange (ICE), has set the launch date of its cash-settled bitcoin futures contracts for December 9.

According to an announcement published by the ICE, the new product called Bakkt Bitcoin (USD) Cash Settled Monthly Futures will be offered by its Singapore unit, the ICE Futures Singapore, and cleared by ICE Clear Singapore, both of which are regulated by the Monetary Authority of Singapore.

Lucas Schmeddes, president and COO of ICE Futures and Clear Singapore, was quoted as saying:

Our new cash settled futures contract will offer investors in Asia and around the world a convenient, capital efficient way to gain or hedge exposure in bitcoin markets.

Schmeddes added that the “cash settled futures will leverage ICE’s regulated, globally-accessible market to offer a safe, secure and compliant environment for the trading of bitcoin.” So far, Bakkt has been offering physically-delivered bitcoin futures, which means investors got actual BTC off of the contract.

Offering cash-settled bitcoin futures will see Bakkt compete with other regulated exchanges, including the CME Group. The firm is also looking to launch the first CFTC-regulated options contract for bitcoin futures next month. The options contract is set to be based on the Bakkt Monthly Bitcoin Futures contract.

As CryptoGlobe reported, Bakkt is also looking to launch a cryptocurrency “consumer app” next year that will allow its users to pay using the flagship cryptocurrency. Starbucks is set to be its first partner.

Featured image via Unsplash.