Bakkt’s Bitcoin (BTC) Futures Launch Pushed to January 2019
Intercontinental Exchange’s Bakkt, the company which owns the New York Stock Exchange (NYSE), has announced that it’s delaying the launch of its Bitcoin futures trading platform until January 24, 2019.
The platform explained that “the new listing timeframe will provide additional time for customers and clearing member onboarding prior to the start of trading and warehousing of the new contract.”
That product, the Bakkt Bitcoin (USD) Daily Futures Contract, had been scheduled to go live on ICE Futures US on Dec. 12, providing US investors with their first opportunity to trade a physically-settled crypto futures product on a respected, regulated mainstream exchange (The bitcoin futures on CME and CBOE are cash-settled, meaning that no bitcoins exchange hands when the contracts expire).
In a blog post, Bakkt CEO Kelly Loeffler expanded on this statement, saying that the “volume of interest” in the company and the “work required to get all the pieces in place” contributed to the delay.
“As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So, it makes sense to adjust our timeline as we work with the industry toward launch.”
The post concludes by sharing that Bakkt has “insurance for bitcoin in cold storage” and is currently in the process of “securing insurance for the warm wallet within the Bakkt Warehouse architecture,” adding that “new features” will be shared in the upcoming weeks.
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