Bakkt could start testing Bitcoin Futures contracts in July!
Bakkt could start testing Bitcoin Futures contracts in July 2019!
Bakkt, a regulated cryptocurrency trading platform, has issued a press release in which it says it has made progress in launching physical futures in Bitcoins.
The statement was written by Kelly Loeffler, CEO of Bakkt, who said the company “worked closely with the US Commodity Futures Trade Commission (CFTC) to achieve this goal.”
The CFTC is the financial entity responsible for regulating derivatives in the country.
Bakkt has received the collaboration of ICE Futures US and ICE Clear US for the development of Bitcoin futures, which will be listed on a futures market regulated by the federal government in the coming months, according to the presentation of ICE Futures in the United States before the CFTC.
Work in the coming weeks will focus on the preparation of User Acceptance Testing (UAT) for the future and conservation, which should begin in July, to ensure that their customers test the model.
Although no specific date is specified, the CEO provides some details about their future.
Two types of Bitcoin futures will be listed:
one for daily settlement, with which customers can trade on the same day.
And another every month, which will allow trading the previous month with the futures price curve.
Price formation will be based on proven tools to detect abusive or harmful business practices, including money laundering.
In addition, Bakkt will use a qualified broker approved by the relevant supervisory authority for physical delivery and secure storage of Bitcoins.
Mr. Loeffler also noted that the company continued to discuss with the New York State Financial Services Department in order to fulfill its goal of becoming a qualified dealer of digital assets in addition to offering futures contracts regulated by the CFTC.
The idea that Bakkt could start in July 2019 seems to have boosted the markets and the price of Bitcoin reached nearly $7800!
There is also news about Starbucks that would start accepting Bitcoin payments.
A lot of good news that confirm the growing interest in cryptocurrency and Bitcoin!