Bakkt's crypto platform CEO Kelly Loffler this Monday shared new information regarding the prospects of the company, organized by the owner of the New York Stock Exchange Intercontinental Exchange (ICE).
According to Löffler, her company “worked closely” with the Commodity Futures Trading Commission of the USA (CFTC) and intends to start testing Bitcoin futures contracts this summer.
"We will work with clients over the coming weeks to prepare for connecting users to testing futures and asset storage solutions, which starts in June, " she wrote.
We intend to use this testing to ensure that customers have enough time to connect and test the trading and storage models of the assets that we have developed to meet their needs. ”
Also today, ICE has published on its website two documents for the CFTC, which describe the principles of listing and certification of bitcoin futures.
Löffler explained in comments that Bakkt would list two Bitcoin (BTC) futures contracts: with daily and monthly settlements.
"As follows from the application sent today by ICE Futures US to the CFTC, bitcoin futures will be listed on a federal-regulated futures exchange in the coming months ," she added.
In addition, Bakkt will allocate $ 35 million from its own funds to cover the transactions that will pass through its clearing house:
“Thus, we ourselves take a risk in pursuing the interests of the integrity of the market and the protection of its participants.”
Bakkt will use “proven tools to identify abusive or sabotage trade practices, including laundering trading. This means that pricing for settlement will be based on the prices of our physical asset delivery contracts and will not rely on unregulated spot markets. ”
Additional information regarding the upcoming testing of bitcoin futures Loffler promised to disclose in future publications.
At the end of April, Bakkt's operations director, Edam White, confirmed that the company expects to obtain a license from a qualified asset custodian in New York.
As CoinDesk explains, the CFTC now has 10 days to evaluate Bakkt's futures contracts and mark objections, if any, before the company can officially launch its products.
MORE: Now you have 10 days to evaluate your products, according to the company. https://t.co/eTXSBFTHy8
– CoinDesk (@coindesk) May 13, 2019
Publication date 14.05.2019
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