The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE:ICE), today announced it is collaborating with CoinDesk Indices to launch cash-settled index options tracking the CoinDesk Bitcoin Price Index (XBX).

ICE and the NYSE intend to work with CoinDesk Indices and the relevant regulatory agencies to develop specific product offerings. Last year, ICE Futures Singapore collaborated with CoinDesk Indices to update its bitcoin futures contracts, CoinDesk Bitcoin Futures (BMC), to utilize XBX for its monthly contract settlement.

XBX tracks the spot price of bitcoin, denominated in U.S. dollars, in real time across multiple crypto exchanges. XBX is calculated and published once per second, 24 hours per day, 365 days each year.

“As traditional institutions and everyday investors are demonstrating their wide-ranging enthusiasm for the recent approval of spot bitcoin ETFs, the New York Stock Exchange is excited to announce its collaboration with CoinDesk Indices,” said Jon Herrick, Chief Product Officer, New York Stock Exchange. “Upon regulatory approval, these options contracts will offer investors access to an important liquid and transparent risk-management tool.”