“Bakkt is the first time large institutions can build physical coins,” Goh said, referring to the fact that the futures contracts are settled in real bitcoin rather than cash. “It’s going to be a moment of proof for the industry.” While crypto derivatives markets are fragmented, Skew has contracted a number of licensing agreements with crypto exchanges. According to Skew’s data, aggregated bitcoin options have grown more than sixfold from last year’s fourth quarter to $34.8 million this quarter.

https://www.coindesk.com/kleiner-perkins-backs-2-million-seed-round-for-crypto-derivative-data-firm