The doc from ICE — the operator of the New York Inventory Trade (NYSE) and creator of digital belongings platform Bakkt — states that “[f]ollowing session with the Commodity Futures Buying and selling Fee [CFTC], ICE Futures U.S., Inc. expects to supply an up to date launch timeline in early 2019 for the buying and selling, clearing and warehousing” of Bakkt’s Bitcoin (BTC) futures contract.
The doc reiterated that beforehand the agency had been targeting Jan. 24, 2019 as a launch date, however that the date “shall be amended pursuant to the CFTC’s course of and timeline.”
The assertion additionally outlines the actual nature of Bakkt’s futures contracts, stating:
“The Bakkt Bitcoin (USD) Day by day Futures Contract is a physically-settled day by day futures contract for bitcoin held in Bakkt Warehouse, and shall be cleared by ICE Clear US, Inc. Every futures contract requires supply of 1 bitcoin held in Bakkt Warehouse, and can commerce in U.S. greenback phrases.”
As Cointelegraph additionally reported right this moment, Bakkt has accomplished its first funding spherical, elevating $182.5 million from 12 companions and traders.
ICE initially announced the intention to create an “open and controlled, international ecosystem for digital belongings” powered by the Microsoft cloud infrastructure this previous August.
The founding father of Galaxy Digital — a crypto funding agency that invested in Bakkt — cited Bakkt’s pending launch as one of many business developments that would assist flip across the downward pattern in crypto markets this yr.