Bakkt announces crypto futures test launch
The platform is finally ready to move forward with its crypto investment options
After a series of issues caused it to delay the launch of its investment platform, Bakkt is finally making real progress. The company, which is owned by Intercontinental Exchange (ICE) is rolling out Bitcoin futures products and has reportedly had its offerings verified by the Commodity Futures Trading Commission (CFTC). Provided no major surprises come along, Bakkt could start testing the platform publicly this summer.
The first products to be introduced will be physically-traded Bitcoin Core (BTC) futures. These are expected to be tested starting July 22 and Bakkt Chief Operating Officer Adam White states, “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.”
He adds, “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.”
ICE knows trading and it knows futures. It is the parent company of the NYSE and has been trying to develop crypto investment solutions for more than a year. The Bakkt platform was created in conjunction with Starbucks and Microsoft, among others, and will be the first to offer physically-traded futures.
The platform isn’t just about offering investment vehicles, though. According to White, it’s about helping the blockchain ecosystem evolve. He explains, “That’s our mission — to support the development of trusted infrastructure for securely transacting in the new market for digital assets. In advance of the start of Bakkt’s testing regimen, we wanted to share what we see as some of the benefits we’re bringing to help grow this market.”