Kraken plans to launch U.S. compliant Bitcoin perpetual contract in the next 30 days

Cryptocurrency trading platform Kraken said that after the U.S. Commodity Futures Trading Commission (CFTC) approved bitcoin spot-linked perpetual futures contracts, the company plans to launch regulated bitcoin perpetual contract products to U.S. institutional customers in the next 30 days. Kraken said that after the relevant products are approved, it will launch BitnomialExchange, a trading platform regulated by the CFTC recently acquired by its parent company Payward. Previously, Payward announced in April that it would acquire crypto derivatives platform Bitnomial for up to US$550 million to expand its presence in the crypto derivatives market. At the same time, Coinbase also quickly followed up after CFTC approval, providing U.S. institutional clients with global market access for crypto options and perpetual contracts through its futures brokerage business. As the regulatory framework is gradually clarified, competition in the U.S. domestic crypto perpetual contract market is rapidly heating up. CFTC Chairman Michael Selig said that the issue has never been whether perpetual contracts for crypto-assets will exist, but whether they will operate under the framework of U.S. regulation, U.S. standards and U.S. rule of law. In addition, CFTC staff issued guidance on 7×24-hour trading, clearing and settlement on the same day to provide further regulatory support for round-the-clock trading of crypto derivatives.