ICE, The New York Stock Exchange (NYSE) operator has announced that it is pushing the launch of its Bitcoin Futures forward to January, 2019. The Atlanta-based ICE (Intercontinental Exchange) which operates on exchanges across the globe (NYSE included) as a Fortune 500 institution, revealed that its trading platform will be postponed. A new target date has been set at Jan. 24, 2019, to launch the platform. This new date is subject to regulatory approval according to the report.
A December 12 Launch Date Had Already Been Set
“Considering the level of interest in Bakkt and amount of work needed to get the pieces together, we will be targeting 24, Jan. 2019, to launch our new product. This is to make sure our users are ready to trade by Day 1, Kelly Loeffler, the CEO of Bakkt, said.
Bakkt had initially projected a December, 12, launch date for its Bitcoin Daily Futures Contract. But, Loeffler said that:
“Product launches, come with new processes, mitigants and risks to test and re-test. In the case of cryptocurrencies, a new asset class must be formed where these resources will be applied. Hence, it makes sense to readjust the timeline as the company works with the industry for launch.”
The Bakkt Platform Will be A Forum that Leverages Microsoft’s Cloud to Help Institutions by and Sell
Remember that back in August this year, ICE had announced the development of Bakkt. According to the report Bakkt is designed to leverage Microsoft’s cloud, in a bid to deliver “an enterprise that will give consumers and institutions the opportunity to buy, store, sell, and spend digital assets via a seamless global network.” Bakkt is going to be working with top organizations in the digital asset space across the globe, including Starbucks and Microsoft, the Boston Consulting Group.
Back in October, 2018, Bakkt had noted that it was starting to test and onboard consumers and members of its network for November while also trading and warehousing was anticipated in December. Now a new date has been set for the launch on January 24, 2019. In a recent announcement from Bakkt, the CEO of the new platform, said that Bakkt will be working closely with the United States CFTC (Commodity Futures Trading Commission) as they review the contract for the futures and that of the Bakkt Warehouse.
A Bold Move In the Evolution of Crypto Markets
The products in question represent a significant shift in the evolution of the digital asset market toward more accessible, regulated and useful, market instruments, she added. Although the company is said to have launched a physically-settled Bitcoin Futures, the Bakkt CEO has revealed that the new platform might offer more than what is assumed as it searches for “opportunities in the start-up phase to expand what we offer.” More of these features to anticipate will be revealed in coming weeks, according to Bakkt’s CEO.
As a start, though, the new futures platform has insurance for BTC in cold storage. It is now in the process of “getting insurance for the warm wallet in the Bakkt framework architecture.”