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Bakkt All Set To Launch Bitcoin Futures Contracts

15 May 2019

Bitcoin futures exchange Bakkt announced that it was all set to launch the first bitcoin futures contracts, in collaboration with the Intercontinental Exchange (ICE) Futures U.S. and ICE Clear US, on Monday.The Chief Executive Officer (CEO) of Bakkt, Kelly Loeffler said that, not just ICE, the company has also been closely working with the U.S. Commodity Futures Trading Commission (CFTC) in launching the bitcoin futures. Loeffler said, “Customers active in crypto markets — and many still waiting to get in — have had a voice in shaping the design of the initial product offering. As detailed in the ICE Futures U.S. filing with the CFTC today, bitcoin futures will be listed on a federally regulated futures exchange in the coming months.”She added that the company will be working “in conjunction” with ICE as well as the users over the next several weeks to prepare for user acceptance testing (UAT) for futures and custody, which will start sometime in July.Bakkt CEO said, “As we also shared last week, we’re working with the New York State Department of Financial Services to become a trust company and operate as a qualified custodian for digital assets, alongside our CFTC-regulated futures products. That work continues and will enable custody for delivery of bitcoin futures.”Last month, company’s Chief Operating Officer (COO) Adam White (who has been an executive at Coinbase in past) had announced that Digital Asset Custody Company – popularly known as DACC – had been acquired by Bakkt.At the time he had said, “As we look to scale and support custody of additional digital assets, DACC’s native support of 13 blockchains and 100+ assets will serve as an important accelerator, and we’re pleased to welcome Matthew Johnson, Adam Healy, and the entire DACC team to Bakkt.”White also revealed in the same announcement that Bakkt has filed with New York Department of Financial Services (NYDFS) to operate as a trust company, which will allow it to operate as a qualified custodian for digital assets.Liked what you read? Join us on Telegram

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