Bakkt, a cryptocurrency exchange created by ICE, the Intercontinental Exchange, has recently announced that it would delay its plans to launch its Bitcoin futures business. According to the update of the company, the first product of Bakkt, which would have been originally unveiled in August, will now be launched on January 24, 2019, instead of December 2018.
According to this new information, trading and warehouse operations will now only start on this date. Kelly Loeffler, the CEO of Bakkt, has affirmed that the company needed more work to put everything in the final place to start the operations. She has also added that the new listing timeframe will provide additional time for the customers and clearing members to prepare.
The main reason is that the platform has to be tested more and that it would simply be a better idea to adjust the timeframe of the launch than to actually launch any product that could harm the investors in any possible way, the exchange operator affirmed.
The Launch Was Supposed To Be Made In December
Initially, the idea was to launch the Bakkt crypto exchange and its services on December 12. Instead, now the platform will continue testing its limits and efficacy in 2018. The new date was affirmed to be still open to regulatory approval and can still change.
All the Bitcoin futures that will be launched on the platform will be physically-settled Bitcoin futures. What does this mean? It means that all the Bitcoin will be received by the client at the expiration of the contract instead of the equivalent in cash.
The company has also affirmed that it will offer more than just Bitcoin futures and that it will look for more products to give to the clients. At the moment, the exchange will still not announce other options besides the fact that it will keep Bitcoin in cold storage for the clients whenever they need it. All of the Bitcoin stored in these wallets will be also insured.
Some people speculated whether the company has decided to postpone the launch because of the Bitcoin bear market, but these are only rumors at this point and nothing is actually sure. Follow our blog for updates.