Bakkt Bitcoin Futures Exchange Announces New Test Date for July After Latest CFTC Updates


Bakkt has recently announced in a blog post that it is moving forward with the plans to launch its Bitcoin futures products. According to Kelly Loeffler, the CEO of Bakkt, they are working with the Intercontinental Exchange (ICE) in order to be prepared for user acceptance testing (UAT) for futures and custody. This is expected to be launched in July this year, almost a year after Bakkt’s first announcement about their crypto plans.

Bakkt Expected To Launch UAT In July

Loeffler explained that they will be releasing more details in the upcoming days and weeks but they expect to use UAT so as to ensure customers have time to inboard and can test the trading platform.

She has also mentioned that they have worked very closely with the U.S. Commodity Futures Trading Commission (CFTC) to be able to create these products and be compliant with the current legislation and laws.

Although there is no specific launch date, the intention is to be releasing a testing product as soon as in July.

On the matter, she wrote:

“We expect to use UAT to ensure that customers have time to onboard and can test the trading and custody model we’ve built to their satisfaction.”

As Loeffler explained in the blog post, they are going to be listing two futures contracts, one that will be daily and another that will be monthly. The price information for these contracts is going to be supported by proven tools that detect specific and abusive trading practices. The intention is not to rely on unregulated cash markets.

Moreover, these futures contracts will be margined by ICE Clear US to be consistent with capital-efficient risk management practices in futures markets.

Bakkt is also expected to be contributing $35 million into the clearinghouse risk waterfall, aligning their interests for market integrity. Finally, for physical delivery and storage of Bitcoin, Bakkt will work with its qualified custodian that is subject to regulatory approval.

This is very positive for the cryptocurrency market that is expecting to be onboarding traditional investors and institutions as soon as possible. For it to be possible, the necessary infrastructure must be developed to avoid any scams and hacks.

At the same time, this is also going to increase the chances to have a Bitcoin exchange-traded fund (ETF) approved by the U.S. Securities and Exchange Commission (SEC) that is concerned about liquidity and price manipulation. In what is sure to be a huge advancement considering the likes of ErisX, Fidelity, eTrade and more institutions are coming to make their presence known just like the highly touted ICE Bakkt Bitcoin Futures Exchange.

Bitcoin’s price is $43,794.63 BTC/USD exchange rate today. The real-time BTC market cap of $815.49 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $18.29 Billion and live coin value change of BTC -7.50 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$43,794.6338 change ~ -7.50%

Coin Market Cap

$815.49 Billion

24 Hour Volume

$18.29 Billion

24 Hour VWAP

$45.07 K

24 Hour Change

$-3,282.98

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