Bitcoin Futures Soon to be Released by Bakkt

Though a firm timeline was not set, the head of Bakkt’s parent firm said last Thursday, that the company’s bitcoin futures platform is getting ready to launch soon. Bitcoin futures soon to be released by Bakkt. Global Exchange.

Jeffrey Sprecher, CEO of Intercontinental Exchange (ICE), said during a quarterly earnings call, that Bakkt is “working to develop a regulated ecosystem that services the evolving needs of [participants] around the world,” adding:

“Subject to final regulatory approvals, we plan to launch our physically settled bitcoin futures in the very near future.”

A specific timeline was not provided. Globalexchange.

Unveiling an ambitious plan to offer physically-settled bitcoin futures contracts and additional work with Microsoft, Starbucks and BCG Consulting, Bakkt was first announced by ICE in August.

Global Bakkt was delayed a number of times, even though the company had originally planned to launch the platform in December 2018, and does not currently have a firm launch date.

The Commodity Futures Trading Commission (CFTC), which oversees derivative products in the U.S., were initially intended to approve Bakkt’s futures contracts. They will ultimately be self-certified.

Global xchange. Once the New York Department of Financial Services (from where the company is now waiting on a trust charter) approves Bakkt’s warehouse, the company will be able to launch its new product.

ErisX, which is backed by TD Ameritrade, is also planning to launch physically-settled bitcoin futures contracts. In addition LedgerX announced Wednesday that it had already gone live with a product. Hence the competition is already getting itself out there. Globalxchange.

According to a release ICE generated $1.3 billion in revenue across the second quarter, apart from Bakkt.

The company believes the ETF market might double in the next few years. In the coming months, a single portal for traders to take part in the exchange-traded fund market, known as ICE’s ETF Hub, will be launched. This is the exchange’s intention according to ICE’s chief financial officer, Scott Hill. Global X change.