Bakkt Bitcoin Futures Exchange Releases Details Of Futures Contracts
Yesterday, January 24th, was a day that many in the crypto world were quite excited about, as it was a day when the Intercontinental Exchange's latest project, Bakkt, was expected to launch. The new Bitcoin futures exchange has decided to release additional details about the Bitcoin Futures product, thus providing investors with more insight into what the platform will have to offer.
According to the announcement, the futures contracts are to be traded in BTC/USD trading pair, while the ICE‘s own electronic trading platform is to be used until Bakkt receives regulatory approval which arrives late due to the long-lasting US government shutdown.
Insight Into Bakkt's Product
While the Bakkt official launch has yet to arrive, TIE decided to reveal a list of interesting details regarding the platform and its future product. In this first part of the venture's future, the exchange will be offering one contract date per each business day. While this may be a slow start for such a highly-anticipated exchange, it will be enough to show how the products are offered, and how the process will work.
The name that Bakkt has chosen for its Bitcoin contracts is “Bakkt BTC (USD) Daily Future,” and each of the contracts will feature 1 BTC. TIE has also pointed out that the prices are to be given in USD, and up to two decimal places.
The information provided also states that the minimum price fluctuation will be around $2.50 per Bitcoin, which also means $2.50 per contract, as long as each contract is worth 1 BTC. However, the details also state that block trades may be executed at $0.01 per BTC, or contract, while under these conditions.
Furthermore, the exchange has decided to put no limit regarding the daily prices.
The platform will be offering its services between 8 pm and 6 pm EPT, although it will have a pre open at 7:55 pm.
The exchange has also posted an announcement on Twitter, stating that they are currently in the process of hiring new staff members. This might be an interesting opportunity for anyone with some experience who might contribute to the further development of the exchange.
The new announcement is certainly an exciting development for those who followed and expected the exchange to launch. The launch was originally announced in mid-2018, and since then, it experienced several delays due to the lack of regulatory approval. The approval was expected to arrive by January 24th, although, as mentioned, the government shutdown prevented the CFTC from operating and providing it.
Even so, Bakkt has received a lot of support from numerous entities throughout the second part of 2018, including Microsoft, Starbucks, and other high-profile firms. Furthermore, the exchange had its first round of funding about a month ago, which resulted in raising over $182.5.
At the time of writing, it is unknown when the approval might finally arrive, as the government issues need to be resolved first. However, the crypto community remains optimistic, believing that the exchange will receive the necessary permissions as soon as things get back to normal.