Bakkt to begin testing Bitcoin trading, futures and custody in July

Cornelia Mascio
Mag 14, 2019

It was previously reported that Bakkt's Bitcoin futures launch would be delayed until Q4 of 2019, however the listing now seems to be ahead of schedule.

The Bitcoin futures trading platform of the Intercontinental Exchange (ICE), Bakkt, has announced plans to launch user acceptance testing for Bitcoin futures trading and custody in July.

Bakkt is working with its customers "over the next several weeks to prepare for user acceptance testing (UAT) for futures and custody", which are expected to start in July.

In an official blog post, Kelly Loeffler, the CEO at Bakkt, detailed bitcoin futures traded on the platform will be listed on a federally regulated futures exchange in the upcoming months. The first allows customers to " transact in a same-day market" while the second "will enable trading in the front month and across the forward pricing curve".

Two futures contracts will be listed.

"The futures contracts will be margined by ICE Clear US, including the collection of initial margin collateral and variation margin to manage risk". Bakkt has also pledged to put $35 million into the clearinghouse risk waterfall, exposing itself to the market and thus ensuring the integrity of its intent.

Custody will be handled by a qualified custodian subject to regulatory approval, though the company plans to itself become a certified custodian for digital assets, now working with the New York State Department of Financial Services to obtain its license.

According to her, safekeeping will be supported by insurance, cybersecurity, and comprehensive compliance, including an anti-money-laundering program and blockchain analytics.

This announcement by Bakkt has helped the Bitcoin price surge to even higher levels than seen during the past weekend.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE