Bakkt’s Official Launch Date Is Set – The Crypto Platform Begins Trading Bitcoin Daily Futures On December 12

The digital asset space is about to change again with this massive announcement that was expected by everyone.

Bakkt’s parent company, International Exchange, owner of the New York Stock Exchange, has officially announced that Bakkt Bitcoin daily futures contracts will officially begin trading on December 12, 2018.

“The Bakkt Bitcoin (USD) Daily Futures Contract is a physically-settled daily futures contract for bitcoin held in Bakkt LLC, ICE’s Digital Asset Warehouse, and will be cleared by ICE Clear US, Inc.,” explained the official announcement.

How will Bakkt work

Bakkt’s first contracts will be physically delivered Bitcoin (BTC) futures contracts vs. fiat currencies which include EUR, USD, and GBP.

Things will work like this: if you buy one USD/BTC futures contract, this will result in “daily delivery of one Bitcoin held in the Bakkt Digital Asset Warehouse, and will trade in U.S. dollar terms.”

The official announcement also says that one daily contract will be listed for trading each Exchange Business Day.

You can read the complete notes here.

Besides offering Bitcoin futures, CEO Kelly Loeffler said that Bakkt’s infrastructure provides solutions for buying, selling, storing, and spending digital assets.

The foundation is built upon “the time-tested, regulated futures markets that have advanced markets ranging from coffee to gold for hundreds of years.”

According to Loeffler, Bakkt plans on taking “a transparent approach to engaging across the industry as we begin testing and onboarding in November, and trading and warehousing in December.”

Closing words

In order to better understand the importance of all this, here is a quick reminder of the scale and also high goals and aspirations of the Bakkt organization:

“In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets,” according to Jeffrey C. Sprecher, Founder, Chairman and CEO of Intercontinental Exchange.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *