Bakkt, the Intercontinental Exchange’s newly launched crypto trading platform will be officially unveiled on December 12. This launch is subject to approval from the regulatory bodies.
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The ICE made the announcement on Monday that Bakkt could start offering settled futures contract of bitcoin in December. This move will make it the first in the market to offer crypto related offering from a new platform. The company will hold BTC backing futures contract safely in the Digital Asset Warehouse of the ICE. The notice also states that this is subject to approval from the Commodity Futures Trading Commision.
The futures contracts will pass through the ICE Clear US which is a subsidiary of the exchange. The announcement reported,
“Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day,” the announcement read.
Earlier in the year when Bakkt was first introduced, the ICE announced its plan to build an open and regulated international ecosystem for digital assets.
During the same period, the exchange stated that it plans to offer a special bitcoin futures contract for a single day. This means that clients can cash their futures products to receive bitcoin in place of cash.
The original time of launch was November, but the launch was delayed due to lack of approval. The CFTC didn’t give any reason for the delay, and the date has been shifted.