The Bitcoin (BTC) futures platform from Intercontinental Exchange (ICE), Bakkt is purportedly planning to launch the platform in Q3, as per a report from blockchain and crypto news publication The Block on July 26.
The publication qoutes an anonymous source, who shared the said information. Though it also went on to add that as per a copy of a slide-deck, its approval from the New York Department of Financial Services (NYDFS) for its warehousing service, Bakkt’s proposed cold storage solution for safely storing private keys.
As per the report, NYDFS approval will enable Bakkt to operate as a limited-purpose trust company.
Predictions and delays
Fundstrat’s managing director and quant strategist have Tweeted on July 19 that the company predicting the launch to be in Q3. The post specifies that the company believes there is a lot of hype and willingness to adopt as soon as Bakkt launches, saying:
“There appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch, with the sales team gaining traction among brokers, market makers, prop trading desks and liquidity providers.”
We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH @fundstrat @fundstrat_ken pic.twitter.com/lkRylD1P4C
— Sam Doctor (@Samcryptoquant) July 19, 2019
After several delays the platform started its testing on July 22. The United States Commodity Futures Trading Commission reportedly caused delays by conducting an investigation regarding regulatory compliance and potential market impact.
Image Source – Bakkt Twitter
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