Bakkt platform launch scheduled for late September

The creators of the Bakkt platform, expected by the entire cryptocurrency industry, said that on September 23, institutional investors will be able to conveniently buy bitcoin futures.

According to the statement, the daughter of ICE received a trust license in the Department of Financial Services of the State of New York (NYDFS) to launch the Bakkt Warehouse. Users will have access to daily and monthly bitcoin contracts, which will be calculated in the first cryptocurrency. That is, in fact, after the purchase of such a contract, investors will buy bitcoins themselves.

“Our contracts have already been approved by the Commodity Futures Trading Commission (CFTC). After obtaining NYDFS approval, we will create a qualified custodian – Bakkt Warehouse and the trust company Bakkt Trust Company. This will give users unmatched transparency and security in a market where there is not enough infrastructure for institutional investors, ”said Bakkt CEO Kelly Loefler.

“Our futures contracts will not rely on the prices of unregulated derivatives markets and will become an indicator of the real price of bitcoin. The importance of this is only enhanced by reports of manipulation in the derivatives markets and the risks of money laundering using cryptocurrencies, ”she added.

Read This Now: Rosatom announced the timing of the launch of new power units of the Hungarian nuclear power plant

In addition, Lofler said that users will also have access to margin trading in daily bitcoin contracts. True, the leverage was never announced. For trading, the infrastructure of the parent company, the world’s largest exchange operator ICE, will be used. Thus, ICE Futures U.S. will be responsible for trading operations, and Bakkt will store bitcoins and calculate transactions.

Note that the launch of the platform has been repeatedly delayed due to problems with obtaining approval from US regulators. However, this did not prevent the platform from launching futures testing at the end of July this year. Earlier it was reported that the launch of the Bakkt platform should take place in the third quarter of this year.