Bakkt To Launch Bitcoin (BTC) Futures — Launch, Release Data, News, Media
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The long-awaited Bitcoin trading and custody platform Bakkt may be launching soon as information from the company suggests a huge step is underway. In a Medium post today, the company said it will be engaging in user acceptance testing in July.
Loeffler then confirmed that her organization had worked “closely” with the U.S. Commodity Futures Trading Commission (CFTC), adding that Bakkt is doing its utmost best to satisfy the needs for “trading, transparency, and market certainty”, and a product that is compliant with regulation.
In the same announcement, Loeffler revealed that her company has brought on Marc D’Annunzio as its General Counsel, bringing on experience in securities law, M&A, among other sectors that are pertinent to cryptocurrency and the legislature it is under the jurisdiction of.
This news comes after crypto enthusiasts, down and up the board, have begged Bakkt to launch, citing continual delays and a fear that the trading platform was never going to launch. But lo and behold, here Bakkt is, revealing intentions to finally go live.
This report comes just a few weeks after Bakkt was revealed to be working with major U.S. bank BNY Mellon. As we reported, the exchange was working closely with the institution to secure Bitcoin and other digital asset private keys, specifically through a system of geographic distribution. In the same announcement, it was revealed that Bakkt had acquired Digital Asset Custody Company (DACC), while securing a $100 million insurance policy with “global insurance carriers.”
Bakkt’s product is shaping up to be rather tantalizing, but will the launch go as we expect?
Bakkt’s parent company Intercontinental Exchange (ICE) has also applied to the New York Department of Financial Services to become a registered Bitcoin futures custody platform. ICE has also acquired DACC, a cryptocurrency custodial company, which Bakkt’s COO Adam White said was an important step in the realization of Bakkt’s launch this year.
With this in place, the cryptocurrency community can rest, assured that bakkt will be up and running soon. This, of course, will be a major boost to the industry and especially Bitcoin which is already on a bullish market move.
