Kelly Loeffler, CEO of Intercontinental Exchange (ICE) backed crypto startup, Bakkt, announced in a May 13 update that the long-awaited Bitcoin Futures and crypto trading platform would begin operations in July.
According to the update, Bakkt has finally developed futures contracts that are in line with requirements set forth by the U.S Commodity and Futures Trading Commission (CFTC) while also meeting the demands of its prospective customers which earlier reports confirm are mainly institutional traders.
Upon meeting those requirements, Bakkt has now officially filed with the CFTC, for the listing of Bitcoin Daily Futures Contract and Bitcoin Monthly Futures Contract, two offerings that the startup will roll out straight out the door.
Explaining what the next line of action is for Bakkt, Kelly disclosed that Bakkt would be working with its partners over the next few weeks to complete user acceptance testing (UAT) for futures and custody which the startups expect to start in July.
The user acceptance testing will serve as a way for prospective users to onboard Bakkt’s new platform, heralded as a channel for institutional investors to join the space with the same level of security they have when dealing with traditional assets.
When Bakkt?
The latest development marks the first time since 2019 that Bakkt is providing a possible launch date for its Bitcoin Futures and Custody platform.
In November, Coinfomania reported that Bakkt had selected a January 24, 2019 date for the product going live, only for regulatory glitches to hinder the launch and lead to its postponement until Bakkt settled those issues. It, however, seems apparent that the startup’s recent acquisition and license application mentioned earlier has helped to hasten the process.
With July now, a few months away, it would not be wrong to expect that Bakkt’s launch will add life to an already rejuvenated crypto market and mark another significant milestone as the industry matches on to maturity. Meanwhile, another mainstream financial institution, Fidelity Investments is expected to roll out its crypto trading platform in a few weeks.
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