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.
Bitcoin (BTC) Price Today – BTC / USD
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.
The company is competing with the likes of Coinbase, one of the biggest digital currency trading platforms today. It is backed by the New York Stock Exchange, the parent company.
This company also has some ties with Wall Street and has secured a host of strategic partnerships. It has partnered with top brands such as Starbuck and Microsoft. These partnerships may give Bakkt an edge over its competitors.
This up and coming cryptocurrency trading platform promises to transform the digital currency space. It recently welcomed a new COO, Adam White from Coinbase as reported by Smartereum.
Bitcoin price analysis
Currently, BTC is being traded at $6,566. It is also on a sideways trend. All through yesterday, the market saw a retest of the previous support zone. The price later moved to $6,550. The current zone is the level of attraction for the coin since last month.
This positive trend was pushed by good news for investors. The first news is that Neteller, an international payment system introduced an opportunity for users to buy and sell digital assets on the go. The second news is that the organization FATF that develops world standards with a goal to eliminate terrorism finance and laundering of proceeds of crime is developing rules for crypto. These rules will regulate the circulation of the digital currency.
This news can have a positive effect on the market in the short term. It should be expected to grow slightly if the trend keeps up.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.