Bakkt Introduces Its First Bitcoin (BTC) Futures Contracts

by | Sep 26, 2018 | Bitcoin, Cryptocurrency, Cryptocurrency News

Bakkt | BTC | Bitcoin Futures Contract

In early August, The Intercontinental Exchange (ICE) launched an open ecosystem, Bakkt in collaboration with. BCG, Microsoft, and Starbucks. The highly anticipated wall street firm took to their official Twitter account to announce its first physically settled Bitcoin futures contracts.

The Tweet by Bakkt Team stated:

Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.

The ICE, owner of the New York Stock Exchange (NYSE) partnered with the aforementioned companies to create an open, seamless global network that will allow the investors to buy, sell, store and spend digital assets simply,  efficiently and securely.

Read more: Bakkt CEO Confirms, The Platform won’t Support Margin Trading

Could This boost Bitcoin ETF

The U.S SEC remains cautious about approving BTC ETF and have constantly cited the lack of regulation as one of the reasons. Aiming to securely regulate the cryptocurrency markets, Bakkt solves the problem of custody services for large-scale institutional investors. Which in turn could cease some worries of the SEC in regards to BTC backed ETF; CNBC’s Brian Kelly elaborated on this:

This is huge news. I think the market is completely underappreciated. So let us talk about why [Bakkt] is the biggest news of the year for Bitcoin. It paves the way for a Bitcoin ETF. Last week I stood here and said you know what, I don’t think the Bitcoin ETF will get approved. And guess what? The Winkelvoss ETF got rejected. Why? Because there was not a US regulated exchange and there wasn’t US regulated custody.

BTC bulls have constantly predicted that the token will soon surge up in value by the year-end. Their confidence is also backed by the scheduled launch of Bakkt in November.

Read more: Billionaire Novogratz Bullishly Claims That BTC Shall Hit $10,000 By This Year

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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