this is a big day we think not just for bactin for the IntercontinentalExchange but for the whole space because for the first time ever you have an end-to-end regulated marketplace for the price discovery of Bitcoin mainstream adoption potentially in the in the future that’s right first physically delivered Bitcoin futures contracts ever traded on a federally regulated exchange well that was a mouthful joining me is Adam white the chief operating officer of fact congratulations thank you very much just explain in English what this means what this means this is a big day we think not just for bactin for the Intercontinental exchange but for the whole space because for the first time ever you have an end-to-end regulated marketplace for the price discovery of Bitcoin so this new emerging asset class you can now store in a federally regulated custodian trade on an exchange and clear in a clearinghouse okay so retail participation institutional so we’re talking bigger money more sophisticated arguably money coming on board is that what we’re looking at here backed is really here designed for the institutional trader so this is a futures contract that said we expect this futures contract to trade through retail brokerages as well so retail customers can trade this contract so when we’re talking about a futures contract you’re offering a daily contract you’re also offering a monthly contract which means to your point about price discovery we could get a sense of where people think the price is going over the next twelve months that’s exactly right so our monthly contract goes 12 months out so what we expect to see happen is that traders will begin to look at the forward price curve to say where do they think the price of bitcoins gonna go and that’s really important not just for the speculators the actual businesses that rely on using Bitcoin so the miners are the companies that mine Bitcoin and in doing so when a hedge and manage their risk we think this contracts a natural fit for them and it would be the first place where we actually see a sort of clearing price for Bitcoin as well because we’ve got so many exchanges right now that trade cryptocurrency it’s tough to get a sense of it and I use this word very carefully in this space a centralized price discovery mechanism that’s right yeah we hope the back daily and monthly futures contracts lead price discovery yeah because you’re gonna we’re gonna bring with it the on-ramp for institutional capital that’s been waiting on the sidelines to have that end-to-end regulated marketplace this is that opportunity to come in and we expect that that price discovery process to happen through our contracts you know we see all sorts of reports on this that the price has been inflated that the volumes are inflated I mean I think bitwise did a study recently it said 95 percent of the trades on exchanges are fraudulent they inflate I mean you can you can use as many different adjectives to describe this how important is what you are presenting today – perhaps tackle some of the perceptions the the concerns out there about fraud and about not understanding what the volumes are we think it’s massively important and this is why backed and ice of them working on this product for over two years so from the ground up we had to build the crypto custodian to safely store and safeguard our customers Bitcoin by doing that you can then allow a physically delivered contract which has no reliance on any of the outside unregulated spot markets that price discovery happens fully within our ecosystem so we think it’s really important talk about the custody arrangement because I think this is also important one of the big push backs I get in this space some people perhaps you don’t know all that much is it’s not safe exchanges could be hacked talk about this situation we’re backed is here to start changing that opinion so earlier this summer we got regulated by the New York Department of Financial Services as a trust and that’s really important that makes back to qualified custodian of Bitcoin so institutions that want to trade and have asset exposure to Bitcoin oftentimes are required to not only trade on regulated markets but to store their assets in a qualified custodian that’s what we’re offering talk to me about having harmony because we’ve talked about this on the show and there are optimists you believe that this will have a positive impact on the price if you’re talking about being able to show what people believe the price of Bitcoin will be twelve months out then if there is going to be a price increase is a result of the hardening your futures contract should show that possibly yes that the happening is an event in the Bitcoin network about every four years the amount of Bitcoin that’s created every ten minutes drops in half with that you see you know a diminishing supply if the demand stays the same oftentimes we’ll see the price increase we think this is an important part of the futures contract to help businesses kind of discover what the fair market value of Bitcoin is gonna be through events like that why Bitcoin and will you introduce everyone else I mean I know Bitcoin has by far the largest market share at this moment but there are plenty of other cryptocurrencies out there we have some XRP enthusiastic out there that I know watch the show we’re starting with Bitcoin because we talked to our customers and that’s what they want to trade we also see real utility happening on the Bitcoin network commerce so there are many thousands of businesses that accept Bitcoin as a form of payment so starting with our marketplace that’s not our end goal that’s the place to allow the fair efficient price discovery process to happen from there back to doing a lot of work to help provide real utility and value to Bitcoin and we expect that to happen on the payment side there’s also competition coming potentially seed CX to digital every six I could name a whole load of they’re afraid competitions are good things one it makes us a better company and two this is not necessarily gonna be a winner take all market here in the very early days we don’t look at it as zero-sum we hope to be added into the space mainstream adoption potentially in the in the future that’s right for these cryptocurrencies great to have you on we’ll track your progress it’s gonna be interesting to see how it goes