Bakkt Announced the Start Date for Testing Bitcoin Futures
Bakkt's chief operating officer, Adam White, said that the platform will begin testing Bitcoin (BTC) cryptocurrency futures on July 22. Futures trading will be launched on the Intercontinental Exchange (ICE). Bakkt futures will be deliverable, so the company intends to provide virtual currency storage services based on a trust fund that will function independently of ICE. Bitcoin coins will be insured for $100 million. Read more on the topic: https://thecoinshark.net/bitcoin-futures-simply-speaking-but-in-detail/ White reported the main features of Bakkt futures:
- Bitcoin trading and storage will be carried out in a legally regulated environment;
- The purchase price of cryptocurrencies under the contract is based only on the futures market and does not depend on external factors;
- The exchange will strictly enforce the rules and report all violations to the US federal government;
- All customers are required to be authenticated in accordance with the standards of the Federal Communications Commission (FCC);
- To cover possible costs, an additional collateral fund of $35 million will be created;
- The ICE platform has a high level of performance and is able to handle several million contracts daily.