Bakkt Warehouse to accept deposits next month
By Bob Garcia
Investors can start getting ready for the new crypto futures trading platform
It has taken a while, but Bakkt is apparently only weeks away from finally being able to launch its physically-traded cryptocurrency futures products. It cleared hurdles with both the Commodity Futures Trading Commission (CFTC) and the New York State Department of Financial Services (DFS) to get this far, and is hoping to launch trades toward the end of next month. In preparation of the activity, Bakkt has announced that its Bakkt Warehouse is going to go live on September 6, giving traders the ability to begin making deposits in anticipation of the platform’s launch.
Bakkt announced the Warehouse launch on Twitter yesterday, explaining, “On Sept 6, our Warehouse will begin offering secure storage of customer bitcoin to prepare for the launch of Bakkt Bitcoin Daily & Monthly Futures when they launch on Sept 23. These contracts will enable physical delivery of bitcoin with end-to-end regulated markets and custody.”
The Bakkt Warehouse is a component of the Bakkt Trust Company, which has been approved by the CFTC and the DFS to act as a custodian for crypto assets, as well as to offer physically-delivered crypto futures. It has been developed using the same security and software found at the NYSE, which makes sense – both Bakkt and the NYSE are owned by the same entity, the Intercontinental Exchange.
Bakkt’s futures aren’t the first crypto futures to be offered – the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) began offering them a little more than 18 months ago. However, those products are settled in cash, making Bakkt the first platform to launch crypto-to-crypto settlements for futures trading products.