Bakkt, an Institutional cryptocurrency platform will reportedly start testing its first product, physically-delivered bitcoin (BTC) futures from July 22, as announced by the company in a blog post on June 13.
Since its original announcement in August 2018, Bakkt has seen multiple delays due to regulatory compliance. Though the full details are still unclear, the firm will offer futures as the first in a series of offerings. The chief operating officer Adam White wrote in the blog post:
“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US. This is no small step. This launch will usher in a new standard for accessing crypto markets. Compared to other markets, institutional participation in crypto remains constrained due to limitations like market infrastructure and regulatory certainty.”
Comparing their launch with the first moon landing in 1969, White echoes the hurdles that the company has crossed in order to provide fully-regulated cryptocurrency products it wants to for institutional investors.
Notably, the announcement follows a data report that showed bitcoin futures from CME Group turned record high volume in May. Unlike traditional platforms, Bakkt will settle its contracts in physical bitcoin, rather than fiat currency.
Image source – Adam White Medium Post