The international cryptocurrency platform Bakkt is in the Bitcoin and coming altcoin news for a date at which it will officially begin testing the product. According to a company blog post published on June 13, the Bakkt BTC futures testing (with physically-delivered Bitcoin futures) will begin on July 22.
Bakkt is a crypto platform that is known for its delays over regulatory compliance since its original announcement to launch the Bitcoin futures trading in August 2018. Currently, the platform decided to offer the BTC futures as the first in a series of offerings. However, full details of the entire thing still remain unclear.
What we have now regarding the Bakkt BTC futures testing is information from the chief operating officer Adam White, who is featured in the blog post for stating:
“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.”
The COO of Bakkt went on and praised the Bakkt BTC futures trading, adding:
“This is no small step. This launch will usher in a new standard for accessing crypto markets. Compared to other markets, institutional participation in crypto remains constrained due to limitations like market infrastructure and regulatory certainty.”
White also compared the move to the first moon landing in 1969, accenting that the hurdles the company has had to cross in order to provide the fully regulated crypto products that it wants for institutional investors. Because of the parallel, he went viral on many best cryptocurrency news sites.
What’s also interesting is that this announcement comes the same week as the data which shows that Bitcoin futures from CME Group turned a record high volume in May this year. At the same time, CBOE (which is the first ever provider of Bitcoin futures), announced that it will stop offering contracts when its final contracts settle later this month.
However, the Bakkt BTC futures are unlike many traditional programs. They are planned to settle their contracts in physical Bitcoin rather than fiat currency. This is why they have been a hot topic in the latest cryptocurrency news for sometime now – and why their launch is very much expected by everyone in the crypto community.
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