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Cryptocurrencies

Bakkt to start user testing for Bitcoin futures on 22 July 2019

Monday 22 July 2019 | 10:04 AM CET

Subsidiary of the Intercontinental Exchange (ICE), Bakkt, has announced it will begin user acceptance testing for its Bitcoin futures contracts on 22 July 2019.

ICE is an US-based company that owns the New York Stock Exchange. As such, Bakkt’s Bitcoin futures will be listed and traded on ICE Futures US and cleared at ICE Clear US. Bakkt’s management aims to provide compliant financial products by offering regulated custody as part of their daily and monthly margined Bitcoin futures contracts. It is also planning to build trusted infrastructure for its open, global network, in order to securely buy, sell, and trade digital assets.

Crypto traders will be required to pass KYC and AML checks before being allowed to acquire Bitcoin futures contracts. Bakkt’s management is currently waiting for regulatory clearance from the Commodity Futures Trading Commission (CFTC) before launching its crypto futures products. The company is planning to provide these contracts to investors in over 30 different countries.

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