Bakkt’s Ending 2018 in Style by Giving Clarity for Bitcoin Future’s Launch in Early 2019
It seems that the Bakkt platform is going to be delayed a few more days according to a new update released by the Intercontinental Exchange (ICE) on December 31st. According to this document, the launch had previously been set for January 24, 2019. However, it will have to be amended pursuant to the CFTC’s process and timeline.
The company wrote that following consultation with the Commodity Futures Trading Commission (CFTC), the ICE is expected to provide a new updated launch timeline in early 2019 ‘for the trading, clearing and warehousing of the Bakkt Bitcoin (USD) Daily Futures Contract.’
The ICE developed Bakkt, a cryptocurrency platform specifically designed for institutional investors in the market. The main intention is to allow companies and mainstream investors to enter the virtual currency market. At the moment, there are just a few institutional-grade platforms that allow a few investors to participate in this market.
Bakkt will be offering physically-settled daily futures contracts for Bitcoin. Those BTC will be completely stored in Bakkt Warehouse and will be cleared by the ICE Clear US, Inc. The document informs that they will also be traded in U.S. dollar terms.
Going to be launched as soon as the first quarter of 2019, the Bakkt platform has created a very positive atmosphere around crypto investors. Bitcoin has been in a bear trend during the whole 2018 and this could help the market recover the price it lost this year.
Bakkt has also completed its first funding round being able to raise $182.5 million from 12 different partners and investors.
This platform is also expected to help the market rebound. Combined with the potential approval of a Bitcoin Exchange-Traded Fund (ETF), it might be possible for Bitcoin to start a new bull run before its halving in 2020.