Bakkt Rolls Out Deposits And Withdraw Custody Services, Bitcoin Futures To Launch Soon

Just as it promised a few days ago, Bakkt is on schedule to launch physical Bitcoin Futures settlement services. This is after the company officially rolled out its deposits and withdrawal services.

The new service will be known as ‘Bakkt Warehouse’ and is now officially enabling the platform users to make Bitcoin deposits and withdrawals, Cointelegraph reports.

The startup revealed its plans to introduce Bakkt Warehouse late last month and through a tweet from the company’s official Twitter account introduced the new platform.

Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23

The availability of physical delivery brings more flexibility in managing bitcoin exposure

— Bakkt (@Bakkt) September 6, 2019

The introduction of Bakkt Warehouse comes as the firm is poised to launch Bitcoin daily as well as monthly futures later this month within the US. according to the company, the futures platform will allow two forms of physical BTC futures that will have end-to-end regulated markets as well as custody.

According to the Cointelegraph report, the futures platform by Bakkt will be the inaugural platform that provides physical Bitcoin futures, this will depend on whether the launch will be a success. Compared with the already available cash settled Bitcoin futures that are provided by the Chicago Board Options Exchange well as the Chicago Mercantile Exchange, the Bakkt backed platform will allow traders to get payment in the form of Bitcoin after the expiry of the futures contract.

After the roll out of the futures platform, the trading part will be handled by Bakkt’s parent corporation, the Intercontinental Exchange (ICE), however, the clearing part will be handled by ICE Clear.

According to Bakkt, the custody of the funds will be handled by its sister firm Bakkt Trust Company that was recently awarded a charter to store customer crypto funds by the New York State Department of Financial Services. The idea is to let Bakkt Warehouse to move Bitcoin at small to long positions after the expiry of the contract, this will allow the platform to deliver Bitcoin to the users.