The crypto space receives great news as Bakkt finally set the launch date of its Bitcoin daily futures contracts trading.
Bakkt’s parent company International Exchange which is the owner of the New York Stock Exchange has officially revealed that Bakkt Bitcoin daily futures contracts will begin on December 12th.
What happens starting December 12?
The official announcement says “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.”
It’s important to mention that Bakkt’s first contracts will be physically delivered Bitcoin futures contracts via fiat currencies which include USD, GBP, and EUR.
If users buy one USD/BTC futures contract, for instance, the result will be the “daily delivery of one Bitcoin held in the Bakkt Digital Asset Warehouse, and will trade in U.S. dollar terms.”
The official statement also explains that one daily contract will be listed for trading each Exchange Business Day.
“Bakkt will provide the first Federally regulated, physical delivery price discovery contract for the digital currency market.” – @Bakkt CEO Kelly Loeffler at #FIAExpo #GetBakkt pic.twitter.com/yJhxdK20HB
— ICE (@ICE_Markets) October 18, 2018
Bakkt provides solutions for buying, selling, storing, and spending digital assets
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.”
Bakkt CEO also said that Bakkt plans to take a transparent approach to engage across the industry as they begin testing and onboarding in November and trading and warehouses the next month.
“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,” Jeffrey C. Sprecher, Founder, Chairman and CEO of Intercontinental Exchange said a while ago regarding Bakkt’s primary goals.
