Categories: Bitcoin Business

Bakkt Sets July Launch Target for Its Bitcoin (BTC) Futures

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Intercontinental Exchange’s (ICE) crypto exchange subsidiary, Bakkt, is now aiming to launch its much-anticipated Bitcoin (BTC) futures product in July.

Today, we’re pleased to update you on the launch of bitcoin futures contracts developed by Bakkt in collaboration with ICE Futures U.S. and ICE Clear U.S. https://t.co/8G3YcFbPl2

— Bakkt (@Bakkt) May 13, 2019

According to a recent announcement, Bakkt has been working closely with the CFTC to develop futures contracts that both meet their customers’ trading requirements while keeping with current Federal regulations.

“In conjunction with our exchange and clearing partners at ICE, we’ll be working with our customers over the next several weeks to prepare for user acceptance testing (UAT) for futures and custody, which we expect to start in July,” states Bakkt CEO Kelly Loeffler. “We’ll provide more details in upcoming posts, but we expect to use UAT to ensure that customers have time to onboard and can test the trading and custody model we’ve built to their satisfaction.”

Bakkt plans to launch two futures contracts with daily and monthly settlement periods. The price formation in the contracts will not rely on unregulated cash markets, as part of an effort to reduce the current issue of wash trades. Instead, Bakkt’s products will be based on prices discovered in their physical delivery contracts.

The Wall Street subsidiary hasn’t been sitting on its hands awaiting regulatory approval, starting the year by acquiring select assets of Rosenthal Collins Group, a futures commission merchant.

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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