Bakkt: BTC futures testing will go live on July 22

13 Jun, 2019
by David Robb
Breaking News
Bakkt: BTC futures testing will go live on July 22

Bakkt has announced an official launch date for testing of its Bitcoin derivatives. BTC futures contracts will apparently be put to the test from July 22.

After being announced to much excitement back in 2018, the Bakkt project has been beset by delays, although it is still officially slated for a full rollout sometime later this year. A subsidiary of the Intercontinental Exchange (ICE), which runs the New York Stock Exchange and other leading trading venues, Bakkt is expected to bring in an unprecedented level of investment into the crypto market from established financial institutions.

In a blogpost, Bakkt's Adam White compares ICE's creation of Bakkt to another, more literal 'moonshot bet' - the launch of Apollo 11, which will see its 50th anniversary this year on July 20. Just two days after this, "Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US".

White also mentions that Bakkt will support "the ICE Futures U.S. launch of daily and monthly margined futures for bitcoin by bringing regulated custody as part of the futures contract", in order to enable "the development of trusted infrastructure for securely transacting in the new market for digital assets". The blogpost mentions security, market manipulation, and regulatory uncertainty as some of the key market risks that Bakkt is meeting with new solutions, in order to encourage more institutions to get involved with crypto. 

Observers on Twitter were appreciative of the announcement, although mostly doubted that it would have any effect on the BTC price for now, and some even questioned whether this new deadline would be met at all. 

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Read more about: Bakkt Bitcoin (BTC)

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