The upcoming Bitcoin futures trading platform Bakkt has seen both delays and massive hype during its development. Now, however, the Intercontinental Exchange’s futures platform looks set to begin testing delivery of Bitcoin futures.
Bakkt launches test of Bitcoin futures platform
Specifically, this news came in an official tweet from Bakkt on July 22nd. Furthermore, the tweet states that July 22 “kicks off user acceptance testing @ICE_Markets for the Bakkt Bitcoin Daily & Monthly Futures contracts”.
Moreover, the tweet also notes that testing is currently proceeding “as planned with participants from around the world”. What’s more, the launch of Bakkt riffed on the 50th anniversary of the moon landing, with Bakkt’s COO Adam White stating:
“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 US and cleared at ICE US.”
In addition to this, White also mentioned that the introduction of Bitcoin futures through Bakkt would usher in additional instructional actors to the cryptocurrency markets.
Bakkt has, so far, faced various delays preventing its launch. For example, the United States Commodity Futures Trading Commission has previously investigated how the platform works with compliance procedures and its various effects on markets.
Will Bakkt attract institutional players to Bitcoin?
Furthermore, Bakkt delivers its Bitcoin futures through a process it calls “warehousing”. Although Bakkt has previously stated that it will offer physically-backed Bitcoin futures through warehousing, regulators have expressed concerns over this method.
According to previous comments by Bakkt, its approach to Bitcoin futures may face some issues with regulators. However, it argues that its approach is superior from a “price discovery standpoint” and has been positive that it will be able to clear any regulatory hurdles.
It now seems that Bakkt is closer than ever to offering Bitcoin futures to the public, as it has launched user acceptance testing for its Bitcoin futures. What’s more, analysts have been expecting Bakkt to come out with its product around this time.
According to the managing director and quantitative strategist at Fundstrat Global Advisors, Sam Doctor, Bakkt will launch full Bitcoin futures trading in this quarter. Furthermore, he has guided that adopters are eagerly awaiting the solution.
“There appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch, with the sales team gaining traction among brokers, market makers, prop trading desks and liquidity providers.”
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.