ICE Targets to Start Operations of Bakkt Bitcoin Futures by December

Oct 23, 2018 at 19:58

The Intercontinental Exchange (ICE) announced that Bakkt, the cryptocurrency trading platform that it is currently developing will be officially launched on December 12, pending regulatory approval.

The company noted that Bakkt may begin offering physically settled Bitcoin futures in the ICE Digital Asset Warehouse, if it secures the regulatory nod of the Commodity Futures Trading Commission (CFTC).

Notably, the futures contracts will be cleared through ICE Clear US, another subsidiary of the exchange, the operator of the renowned New York Stock Exchange.

“Each futures contract calls for delivery of one Bitcoin held in the Bakkt Digital Asset Warehouse and will trade in US dollar terms. One daily contract will be listed for trading each exchange business day,” ICE further detailed.

It can be recalled that Bakkt was first announced early this year with an aim to become an open and regulated global ecosystem for digital assets. The December launching is already delayed as the team behind it earlier targeted for a November release.

Traders and investors are preparing for Bakkt’s entry to the market especially that last week, the company was able to hire former Coinbase chief executive officer, Adam White, to serve as its chief operating officer.

Full story about the said personnel movement can be read here.