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The new cryptocurrency start-up, ‘Bakkt’ established by the Intercontinental Exchange (ICE), was all set to launch bitcoin futures contracts with physically delivery facilities.
Well, the objective is to offer new tracks especially for institutional clients and retail traders to make access for cryptocurrency trading.
ICE, which is the parent of the NYSE, originally intended to unveil Bakkt back in mid-December. Then it was deferred to late January’2019. Later on, the launch was again deferred indefinitely due to the US shut-down.
The cryptocurrency-avenue awaits the launch of ICE’s Bakkt (physically settled-BTC futures) after obtaining the CFTC’s green. While Bakkt has now given new hints of release day, in an announcement on Medium blog-spot.
On the back of the launch of Bakkt’s BTC futures contract (scheduled on September 23rd), Bitcoin’s vigorous rallies appear to have revitalized sentiments amongst the bulls. Umpteen number of the driving forces indicate that the pioneer cryptocurrency with the highest market capitalization could make lower lows before making its much-awaited parabolic advance.
The underlying price of Bitcoin has been oscillating between $9.5k to $10.6k range after this week’s rally observed the surge about 8.72%.
Bakkt, a subsidiary of the Intercontinental Exchange (ICE), has been granted approval from the U.S. Commodity Futures Trading Commission for crypto-settled Bitcoin futures. In addition, the firm received the green light from the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian that will provide secure storage for its clients.
As a result, the Bakkt Warehouse custody opened to enable clients to deposit Bitcoin into their accounts and become familiar with the process.
The Bakkt Warehouse opens today and is regulated by the New York State Department of Financial Services (NYDFS) as a Limited Purpose Trust Company, providing customers with a Qualified Custodian of bitcoin, clarified in its official tweet.
The Bakkt futures contracts will also be covered by the existing guaranty fund at ICE Clear US, which has an established risk waterfall across multiple commodities markets. An incremental $35 million is being contributed to the existing guaranty fund with the addition of these new futures contracts. Importantly, we’ve designed the Bakkt Warehouse to provide regulated, secure custody of bitcoin that is protected by $125 million in insurance.
