2019-6-13 16:51 |
Coinspeaker
BREAKING: ICE’s Bakkt Will Start Testing Its Bitcoin Futures Platform on July 22
Bakkt will initiate user acceptance testing for its Bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US. on July 22, 2019.
“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,” Bakkt COO Adam White wrote in the Medium post.
The physically-delivered Bitcoin futures was originally set to go live at the end of 2018 but has been set back by regulatory hurdles. Bakkt announced last month that it would begin testing in July, though it did not provide a specific date at the time.
According to the blog post, “subject to regulatory approval, Bakkt’s limited purpose trust company will serve as a qualified custodian for Bitcoin, will operate separately from ICE’s futures exchange, will be insured for $100M, and will have separate governance.”
This launch is an important move for the entire industry as it will set a new standard for accessing cryptocurrency markets. At the moment, the participation of institutional investors in the development of the crypto market is still constrained due to a number of infrastructural and regulatory issues. Such a situation leads to lower liquidity, more modest trading volumes and less price transparency in comparison to those ones that exist in more well-established markets.
Nevertheless, Bakkt views its mission exactly in ensuring the development of reliable infrastructure in the digital assets markets. Namely, this infrastructure should create appropriate conditions for secure transactions. To reach this final goal, the team staying behind Bakkt has identified a set of core problems that prevent the markets from further growth.
And in order to address these problems, it has offered a list of possible solutions based on the peculiarities of Bitcoin futures. The company wants to introduce the fully-regulated cryptocurrency products that will, among other benefits, decrease the current extremely high level of uncertainty and high transaction costs.
But the range of advantages that Bakkt wants to bring to institutions is not limited to problems solving tools only. The company has prepared a range of other features that are to be positively welcomed in the markets. Among these features, we can mention the following ones: market maker incentive programs, block trades, integrations with regulated brokage platforms, a fee holiday at the end of the year which is said to boost trading activities.
“Bakkt may be a form of moonshot, but it’s grounded in an earthbound endeavor to support the future of finance and the adoption of blockchain technology. In its own way, Bakkt’s efforts to help institutions launch safely into this market is the right stuff for the future,” Adam wrote at the end of its post.
(The story will be updated shortly)
BREAKING: ICE’s Bakkt Will Start Testing Its Bitcoin Futures Platform on July 22
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