The Bitcoin futures trading platform introduced by the owner of the New York Stock Exchange, the Intercontinental Exchange (ICE), is supposedly about to launch its physically-settled Bitcoin futures. However, the launch is dependent upon “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 stated that the platform was “working to develop a regulated ecosystem that services the evolving needs of participants around the world.”
As CryptoPotato reported back in July, Bakkt began 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 a monthly settlement period. The main difference between physically-settled bitcoin futures and those which don’t offer physical settlement is that when the former expire, traders get actual Bitcoin rather than their financial representation.
Waiting for the CFTC?
In an official introductory post back in 2018, Kelly Loeffler said that Bakkt was expected to include federally regulated markets, as well as warehousing solutions along with merchant and consumer applications.
She also announced that one of Bakkt’s initial components would be a clearinghouse plan to launch its physically-delivered Bitcoin contracts along with physical warehousing subject to the CFTC’s 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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