9 Oct, 2019

Bakkt May Go Live in September This Year

Bitcoin futures company, Bakkt has announced that it is all set to launch its platform in September this year. After navigating through endless bureaucracy, the platform said it received an all clear to go ahead.

In a Medium post, the platform said, “Our contracts have already received the green light from the CFTC through the self-certification process and user acceptance testing has begun. With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will custody bitcoin for physically delivered futures. This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.”Ad

The statement added, that the digital assets markets are global, but they have largely been designed to serve retail customers rather than institutional participants and that Bakkt was striving to bridge the gap.

Bakkt was originally scheduled to go live on July 22 this year. At the time we had reported that the Intercontinental Exchange’s (ICE) pending bitcoin platform Bakkt, had announced that it would be launching its platform for bitcoin futures on July 22 this year.

Recently, Jeff Sprecher, the Chairman and CEO of Intercontinental Exchange, in his fourth quarter earnings conference call, had termed ICE’s investment in Bakkt “a bit of a moonshot bet.”. In a blogpost, the platform said, “Still, bitcoin price discovery, like a moonshot, requires diligent testing before launch. On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.”

Even before the platform launched itself, it had acquired the Digital Asset Custody Company, popularly known as DACC. At the time, the Chief Operation Officer, Adam White, had said, “As we look to scale and support custody of additional digital assets, DACC’s native support of 13 blockchains and 100+ assets will serve as an important accelerator, and we’re pleased to welcome Matthew Johnson, Adam Healy, and the entire DACC team to Bakkt.”