ICE Futures Singapore, a division of one of the world's largest exchange operators, is overhauling its bitcoin futures offering to use a benchmark supplied by CoinDesk Indices, according to a press release.
The new CoinDesk Bitcoin Futures (BMC) will settle using the CoinDesk Bitcoin Price Index (XBX) beginning with the October contracts.
The CoinDesk index has been in operation since 2014 and serves as the benchmark for roughly $17 billion of assets under management in investment vehicles. Meanwhile, ICE Futures Singapore is a division of Intercontinental Exchange (ICE), which runs major futures exchanges around the globe and also owns the New York Stock Exchange.
"We are excited to expand our presence into the [Asia-Pacific] region through this collaboration with ICE Futures Singapore," Andy Baehr, managing director at CoinDesk Indices, said in the statement. "This move underscores CDI’s commitment to serving global markets and offering world-class solutions to marketplace participants."
CoinDesk Indices is a subsidiary of CoinDesk.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.