- Bitnominal exchange has received the necessary approval to operate as a designated contract market.
- The exchange highlighted that all its contracts will be list-margined and physically delivered.
The Bitnominal crypto exchange can now legally offer bitcoin futures and options contracts. The exchange recently announced that it has received approval from the US Commodity Futures Trading Commission (CFTC) to operate as a designated contract market. Bitnominal is following the lead of CME, Cboe, Bakkt, ErisX, and LedgerX in offering bitcoin futures and options products. As per an SEC filing, Bitnomial had earlier raised $7.5 million in an equity raise from 12 investors last December. The exchange highlighted that all its contracts will be list-margined and physically delivered. Bitnomial CEO, Luke Hoersten, said:
We are building the Bitcoin Product Complex, a suite of interrelated financial products, starting with quarterly Bitcoin futures, micro futures, and options. Additionally, our products initially trade on 37% margin and are settled on-chain instead of book entry.
Jump Capital’s Peter Johnson backed Bitnomial saying:
[Bitnomial’s] products are also reliably tied to the underlying asset price via the option for physical delivery. We’re excited to be partners with a company that is committed to meeting the highest regulatory standards and increasing the accessibility of crypto derivatives to US traders.
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