The Bitcoin futures trading platform Bakkt, will launch its awaited platform for trading crypto on September 23 in the United States. This comes as Bakkt confirms that the company has received the required regulatory approval to move forward.
Bakkt will launch in the United States on September 23
This news came in an official blog post from Bakkt. Bakkt, which is operated by the New York Stock Exchange-owned Intercontinental Exchange, has been much-anticipated. Specifically, the company’s physically delivered futures contracts are expected to dramatically drive the adoption of cryptocurrency futures trading.
The company initially announced that it would launch its Bitcoin futures trading solution back in August of 2018. However, the project has since suffered a number of delays. For example, Bakkt has struggled to satisfy the requirements set by the Commodity Futures Trading Commission.
Bakkt begun testing the solution on a widespread solution on July 22. What’s more, Bakkt will reportedly be partnering with Intercontinental Exchange Futures US and Intercontinental Exchange Clear US in order to bring its futures contracts to market.
Now, however, it would appear that Bakkt has received all the necessary regulatory approval in order to launch its product. Bakkt has also hosted a number of events both in New York and Chicago, both of which are important cities for the US futures market.
Institutional demand for crypto is increasing
In addition to this, Bakkt has reportedly held extensive talks with regulators from both the CFTC and the Securities and Exchange Commission in order to satisfy the demands of American lawmakers.
This comes at a time when institutional trading services and custody solutions for cryptocurrencies is a sector which is growing dramatically. The major US exchange Coinbase recently announced that it will add Xapo Institutions into its custodial offerings.
Furthermore, Coinbase CEO Brian Armstrong commented on this clear trend for more institutional clients trading with crypto.
“Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it’s safe to say we now know the answer. We’re seeing $200-400M a week in new crypto deposits come in from institutional customers.”
As such, it would seem that Bakkt’s timing is perfect. The launch of the platform is currently slated for September 23, at which time investors will reportedly be able to use the platform for trading Bitcoin futures. Bitcoin futures trading is heavily requested by institutional investors.
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.