Kraken is planning to launch a US-regulated Bitcoin perpetual contract in the next 30 days

BlockBeats News, June 1st, the cryptocurrency exchange Kraken announced that following the approval of a Bitcoin spot price pegged perpetual futures contract by the U.S. Commodity Futures Trading Commission (CFTC), the company plans to launch a regulated Bitcoin perpetual contract product for U.S. institutional clients within the next 30 days.

Kraken stated that once the relevant product is approved, it will go live on Bitnomial Exchange, a CFTC-regulated trading platform recently acquired by its parent company, Payward. Previously, Payward announced in April the acquisition of the crypto derivatives platform Bitnomial for up to $550 million to expand its presence in the crypto derivatives market.

Meanwhile, Coinbase also swiftly followed suit after CFTC approval, providing U.S. institutional clients with access to the global crypto options and perpetual futures markets through its futures brokerage business. As the regulatory framework becomes clearer, competition in the U.S. domestic crypto perpetual futures market is quickly heating up.

CFTC Chairman Michael Selig stated that the issue has never been whether crypto asset perpetual contracts would exist, but rather whether they would operate under the U.S. regulatory, U.S. standards, and U.S. legal framework. In addition, CFTC staff issued guidance on 24/7 trading, clearing, and settlement on the same day, providing further regulatory support for round-the-clock trading of crypto derivatives.