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Bakkt Bitcoin Futures Launch Date Revealed

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The Intercontinental Exchange (ICE) has confirmed that its upcoming cryptocurrency buying and selling platform Bakkt will formally launch on December 12, pending regulatory approval.

Bakkt is a platform for buying and selling, storing, and spending digital property that was established earlier this yr by New York Stock Exchange (NYSE) operator ICE in partnership with Microsoft, Starbucks and BCG.

According to the ICE-issued document revealing particulars about Bakkt’s launch, the bodily Bitcoin backing the futures contract shall be held in a so-called “digital asset warehouse.”

“Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse, and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day.”

These futures contracts shall be cleared by ICE Clear US, one other subsidiary of the change.

While the announcement solely mentions USD pairs, a Tweet from Bakkt final month said that the launch would come with GBP and EUR buying and selling pairs as properly.

Bakkt beforehand revealed that it’ll not assist margin buying and selling for its BTC contracts. By refraining from permitting for margin, leverage and money settlement, the platform will reportedly higher assist market integrity and allow the “trusted price formation” that it says is the important thing to “advancing the promise of digital currencies.”

This information comes lower than a fortnight after Bakkt announced that it had employed Adam White, former vice chairman of Coinbase, as its chief working officer.

In December 2017, Chicago Mercantile Exchange (CME) and Chicago Board Operations Exchange (CBOE) each launched BTC futures, nevertheless, on these platforms the futures are settled in money slightly than in precise Bitcoins.

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