The Intercontinental Exchange recently updated the crypto community on the launch timeline of the Bakkt Bitcoin Daily Futures Contract. The ICE made this announcement via an official notice on the 31st of December, 2018. The Intercontinental Exchange (ICE) is the creator of Bakkt – a digital assets platform – and the operator of the NYSE (New York Stock Exchange).
In the official notice released by the ICE, the firm said that “after consulting with the CFTC (Commodity Futures Trading Commission), Intercontinental Exchange Futures U.S Inc. expects to provide an updated launch timeline early this year for the warehousing, clearing, and trading of the Bitcoin (BTC) future contract of Bakkt.
But according to the official notice, the firm had been previously targeting 24th of January 2019 as the launch date for the product. But that date no longer seems to be feasible. The date will be amended due to the pursuant to the timeline and process of the Commodity Future Trading Commission.
The Nature of the Future Contracts of Bakkt
The official notice also detailed the particular nature of the future contracts of Bakkt. According to the statement in the notice, “The Bitcoin (USD) Daily Futures Contracts of Bakkt is a daily futures contracts that are settled physically for Bitcoin (BTC) held in the Warehouse of Bakkt, and it will be cleared by Intercontinental Exchange Clear U.S Inc. Each futures contracts calls for delivery of one Bitcoin (BTC) held in the Warehouse of Bakkt, and will trade in the terms of US dollar. “
Bakkt Raised $182.5 Million from Its First Funding Round
Bakkt – the institutional investor-focused digital currency platform – has completed its first round of fundraising. According to the post, Bakkt officially raised $182.5M from twelve partners and investors. The investors and partner include top names in both crypto-oriented and traditional finance investing.
Some of the partners and investors include ICE, Galaxy Digital, Boston Consulting Group, the venture capital of Microsoft, Alan Howard, Pantera Capital, and Horizons Ventures. The firm also stated that they are working with the Commodity Futures Trading Commission – U.S. regulators – to obtain regulatory greenlight for warehoused and physically delivered Bitcoin (BTC).
In the statement, Bakkt said, “We have filed out applications and the timing for approval is now depended on the regulatory review process.”
ICE first announced its plan to create a “regulated, global, and open ecosystem for digital currencies” which would be powered by the Microsoft cloud infrastructure. The firm made this announcement in August last year.
The founder of Galaxy Digital said that the pending launch of Bakkt is one of the developments in the industry that could help revitalize the crypto market. He said it could turn around the continuous plunge of digital currencies in the crypto market this year.
The launch of this product would drag more investors into the digital currency space. This would increase the adoption of the digital currency, which would subsequently increase its value. Also, many analysts have predicted that Bitcoin (BTC) and other digital currencies in the crypto market will do better this year.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently worth $3,850 after a decrease of 1.35 percent over the past twenty-four hours. The current market cap of the digital currency is $64.92 billion with a trading volume of $2.91 billion over the past twenty-four hours.