Anyone in the US Can Now Buy the First Physical Bitcoin Futures – From LedgerX, Not Bakkt

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New York-based LedgerX, a CFTC-regulated cryptocurrency asset management platform that offers a spot and options exchange for Bitcoin, has launched the first physically-settled Bitcoin futures contracts in the US. Anyone in the US with a valid ID who can pass know-your-customer (KYC) can trade.

The company’s new Omni platform is now live for retail traders and emails sent to the platform’s preliminary traders who signed up for the waitlist late last year are now circulating.

CEO Paul Chou tells CoinDesk,

“It’s going to make available to the retail public all sorts of ability to trade Bitcoin, whether it’s spot, futures, options and we have a lot of things in the pipeline.”




Says Chou of LedgerX’s new product,

“Not only are they delivered physically in the sense that our customers can get Bitcoin after the futures expires, but also they can deposit Bitcoin to trade in the first place. Cash-settled is cash-in and cash-out, we’re Bitcoin-in and Bitcoin-out.”

Bitcoin’s use as collateral for a futures contract marks a milestone for a CFTC-regulated company. It will eliminate the time needed for customers to wait for bank transfers and ACH deposits to fund their accounts.

“If you imagine somebody that deposits Bitcoin, they would not have to use the U.S. banking system at all. That’s why physically-settled is very important. I think [it’s] one of the most unique use cases for Bitcoin, where you’re using cryptocurrencies as the only collateral.”


Crypto enthusiasts have long speculated on the market impact of a CFTC-regulated, physically-settled Bitcoin futures contract. While it signals to the industry that the asset class, alongside stocks, bonds and securities, has reached a certain level of maturity by taking on characteristics of the legacy financial system, the path forward is unchartered.

Covering the emergence of the parallel financial system for Forbes, 22-year Wall Street veteran Caitlin Long writes,

“A parallel financial system is forming outside the incumbent financial system, and institutional investors are ‘financializing’ it as they enter. The new system is based on cryptocurrencies—natively-digital assets that are exclusively issued, traded and settled on open blockchains. Cryptocurrencies are not like other financial assets, so historical precedents provide little help in predicting their financialization path.”