The Bitcoin futures trading platform introduced by the owner of the New York Sock Exchange, the Intercontinental Exchange (ICE), is supposedly about to launch their physically-settled Bitcoin futures soon. However, the launch is predicated on final regulatory approvals.
Bakkt to Launch In The “Very Near Future”
It appears that one of the most anticipated launches in the cryptocurrency space is getting closer to becoming a reality.
Speaking during a quarterly earnings call, the CEO of ICE, Jeffrey Sprecher, revealed that Bakkt plans to launch very soon, pending final regulatory approvals.
Subject to final regulatory approvals, we plan to launch our physically settled Bitcoin futures in the very near future. – He said.
He also revealed that the platform is “working to develop a regulated ecosystem that services the evolving needs of participants around the world.”
As Cryptopotato reported back in July, Bakkt began the user acceptance testing (UAT) for its physically-settled Bitcoin futures contracts. There are two types of contracts – one with a daily settlement and one with monthly settlement period. The main difference between physically-settled bitcoin futures and those which don’t offer physical settlement is that when the former expires, the trader gets an actual Bitcoin rather than receiving its financial representation.
Waiting For The CFTC?
In the official introductory post back in 2018, Kelly Loeffler said that Bakkt is expected to include federally regulated markets, as well as warehousing solutions along with merchant and consumer applications.
She also revealed that one of the initial components of Bakkt is going to be a clearinghouse plan to launch their physically-delivered Bitcoin contracts along with physical warehousing subjected to CFTC review and approval.
Currently, Bakkt is waiting on a trust charter from the New York Department of Financial Services (NYDFS). Once this is approved, the company should be able to roll out its first product.
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