Bakkt’s First Bitcoin Futures Testing To Roll Out By July 2019

by | May 15, 2019 | Bitcoin, Cryptocurrency, Cryptocurrency News

Bakkt | Bitcoin Futures | Trading | Cryptocurrency | ICE

Institutional crypto exchange Bakkt by Intercontinental Exchange (ICE), plans to roll out testing for bitcoin futures trading early July 2019, as announced by CEO Kelly Loeffler in a Medium post on May 13.

ICE first announced in August 2018 with an aim to bridge the gap between the cryptocurrency ecosystem and institutional investors. As per the post, the platform will soon introduce bitcoin futures trading testing on a federally regulated futures exchange in collaboration with its parent company Intercontinental Exchange (ICE).

Bakkt is working with both ICE Futures U.S. exchange and ICE Clear U.S. clearinghouse in order to prepare the first testing of bitcoin futures trading and custody. Loeffler wrote:

“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.”

The company further reported that it was working closely with the United States Commodity Futures Trading Commission so that they can be in compliant with federal regulations along with meeting major requirements in terms of investors protection.

The ICE Futures U.S. filed with the CFTC  through to get regulatory approval offers two major types of bitcoin futures contracts such as daily settlement bitcoin futures and monthly bitcoin futures. Bakkt acquired crypto custodian service Digital Asset Custody Company (DACC) in late April and announced that the firm filed with the New York Department of Financial Services in order to operate as a trust company to serve as a Qualified Custodian for digital assets.

Reuters recently published an article alleging that at the ICE took advantage of the “crypto winter” of 2018 and purchased crypto assets at a discount for its Bakkt platform.

Read more: KaratGold Coin (KBC) is a Cryptocurrency With a Special Extra Feature

Image Source – Bakkt Medium

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