Bakkt cryptocurrency platform started accepting deposits in bitcoins from customers

Bakkt Warehouse, a qualified custodian of the Bakkt cryptocurrency platform , has begun accepting Bitcoin (BTC) for deposits from customers.

The first BTC futures with physical delivery

As the company announced on Twitter, Bakkt Warehouse has officially launched the deposit of funds in accordance with the plans, stated on August 28.

The launch of Bakkt Warehouse takes place at a time when the company is preparing to deploy its platform for daily and monthly bitcoin futures contracts in the United States on September 23. The platform will provide two types of physically delivered bitcoin futures – with end-to-end regulated markets and custody, as previously reported.

According to a Bloomberg article, Bakkt will be the first platform to offer bitcoin delivery futures if the platform is launched successfully.

Unlike existing cash-based bitcoin futures offered by the Chicago Mercantile Exchange (CME) and Chicago Option Exchange (CBOE), physically settled Bakkt futures will allow customers to receive payments in bitcoins after the expiration of the futures contract.

Operational structure

After launch, trading will be held on a futures platform managed by the parent company Bakkt, Intercontinental Exchange (ICE), and settlements will be made through ICE Clear.

Meanwhile, storage will be carried out by Bakkt Trust, which reportedly received a charter from the New York State Department of Financial Services for storing cryptocurrency clients in August 2019. In turn, Bakkt Warehouse will transfer bitcoins from short positions to long positions after the expiration of the contracts, which will lead to the actual delivery of bitcoins.

Publication date 09/07/2019
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