9.5 C
1 April 2023
Image default
Exchange & Wallet

Bitcoin futures trading platform Bakkt possibly launched in July

The launch of the bitcoin-futures trading platform Bakkt will take place in July. Kelly Loeffler, the platform’s CEO, writes this in a blog post on Medium. The platform has already been postponed several times, mainly due to problems with the Commodity Futures Trading Commission (CFTC).

In the blog post, Loeffler writes that Bakkt will probably start in July with user acceptance testing (UAT). Investors can test the trading platform during this period and Bakkt can introduce the platform to new investors. Loeffler also writes:

We will provide more details in upcoming posts, but we expect to use UAT to ensure that customers have time to join the platform and that they can satisfactorily test the trading and custody model we have built. We have worked closely with the CFTC to develop contracts that meet the needs of our customers in terms of trade, transparency and market certainty and that also comply with federal regulations. Customers who are active in crypto markets – and many who are still waiting to step in – have had a voice in shaping the design of the original product offering.

As indicated in the ICE Futures U.S. application to the CFTC today, bitcoin futures will be listed on a federally regulated futures exchange in the coming months.

In addition to an expected launch date, the CEO of Bakkt also provided more information about the platform itself. For example, Bakkt will reserve $ 35 million for any clearing risks. In addition, Loeffler indicated that the terms of the contracts have been adjusted. For example, opening times, settlement procedures and trade limits have been adjusted to meet the requirements of the CFTC.

Bakkt will make it easier for institutional investors to invest in bitcoin. This is what we want to achieve by offering a trading platform and institutional-level custody service.
For example, it recently took over a crypto-custodian, Digital Asset Custody Company. In this way, Bakkt hopes to be able to obtain a permit from the CFTC, something that has caused the launch to be postponed until now.

Related posts

OKEx believes that crypto is the future for poorer countries and is launching its own stablecoin


Tyler Winklevoss: “Gemini is the best regulated cryptocurrency exchange”


BitTorrent to be listed on South Korean Exchange Bithumb