FREMONT, CA: According to an announcement from Bakkt, the Intercontinental Exchange (ICE)-backed enterprise is ready to release its bitcoin (BTC) futures contract. This contract aims to significantly impact the crypto market throughout.
Bakkt revealed that it is prepared to launch the physically-backed contract in July. According to Kelly Loeffler, CEO, Bakkt, the product will have two forms:
1. A daily settlement future to allow customers the facility of the same-day market transaction and monthly futures. This also reaffirms the rumor that the platform was striving to release a vehicle for a same-day market.
2. A monthly futures contract to enable front month trading and throughout the forward pricing curve.
Loeffler also revealed in the announcement over the onboarding of Marc D’Annunzio as its General Counsel, who brings along experience in M&A, securities law and other sectors that involve cryptocurrency and its jurisdiction.
This announcement comes after the prolonged request of the crypto enthusiasts, across the board, addressing Bakkt to release over the concerns that the trading platform will never launch. Finally, Bakkt has confirmed its intention to go live. A few weeks ago, Baakt was working with BNY Mellon, the major U.S. bank, in close quarters to safeguard BTC and digital asset private keys through a system of geographic distribution. Bakkt had also overtaken Digital Asset Custody Company (DACC) while obtaining a $100 million insurance policy with “global insurance carriers.”
Bakkt is set to contribute $35 million into the clearinghouse risk waterfall to develop market integrity and safety with other participants. Bakkt’s qualified custodian will be responsible for the integrated custody service for the secure storage and delivery of BTC.
Apart from their clearing and exchange partners at ICE, Bakkt will also work with their customers for user acceptance testing (UAT). Through UAT, Baakt aims to ensure that there is enough time for the customers to onboard and they can test the training and custody model.