Bakkt will Start Testing Bitcoin Futures in July

In July 2019, a cryptocurrency platform Bakkt will start testing trade in Bitcoin (BTC) delivery futures contracts. This was announced on Twitter by the head of the company, Kelly Loeffler, on May 13.

Bakkt will store cryptocurrency in its own wallet and certify futures independently. That is why the Commodity Futures Trading Commission (CFTC) will have to evaluate financial products in terms of their compliance with legal requirements. If the agency does not detect violations within 10 days, Bakkt will receive permission to launch the platform commercially. According to an anonymous source, the company will set the exact start date of contract trading only after passing the test successfully.

On May 13, Intercontinental Exchange, which owns Bakkt, published two documents regulating the listing of futures in Bitcoin and their certification. Over the next few weeks, the company plans to obtain user approval to test the platform. Project participants are now familiarizing themselves with the virtual currency storage model and trading platform.

Bakkt will list two different futures contracts: with daily and monthly settlements. The company will contribute $35 million into the clearinghouse risk waterfall and will provide custodial services based on its own cryptocurrency storage if it receives permission from the government.

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