ICE-Backed Bakkt To Go Live Today

The day is finally here! Intercontinental Exchange’s (ICE) pending bitcoin platform Bakkt had announced that it would be launching its platform today. Last month, Jeff Sprecher, the Chairman and CEO of Intercontinental Exchange, in his fourth quarter earnings conference call,  had termed ICE’s investment in Bakkt “a bit of a moonshot bet.”Adam White, the Chief Operating Officer (COO) said, “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.”Previously, the Chief Executive Officer (CEO)  Kelly Loeffler had 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.”While Bakkt’s launch has been delayed due to regulatory clarifications, or the lack thereof, the exchange hasn’t been sitting idle. In April this year, White 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 had 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