Bitcoin Bakkt is Starting to Test on July Kelly Loeffler
Bitcoin futures exchange Bakkt announced Monday that it is moving forward with plans to launch physically-settled bitcoin futures products.
In a blog post, Bakkt CEO Kelly Loeffler wrote that Bakkt had worked closely using the U.S. Commodity Futures Trading Commission (CFTC), the regulatory agency in charge of overseeing derivatives products in the country, and would be testing its bitcoin futures contracts september.
No launch date was announced, and indeed, Loeffler never explicitly say how the company's proposal to self-custody its bitcoin and clear through its parent company's warehouse (Intercontinental Exchange's ICE Clear US) had been okayed.
Rather, Bakkt, through ICE, will self-certify its bitcoin futures products, meaning how the CFTC will must assess whether not really the proposals violate any laws or regulations. If the regulator does not find any issues within a 10-day deadline, the products will move onward.
This is distinct from asking the CFTC to explicitly approve a product, which Bakkt was previously said to do. CME and Cboe both self-certified their bitcoin futures contracts when had been looking first announced in 2017.
However, unlike CME and Cboe's products, Bakkt will deliver actual bitcoin, rather than cash equivalent, upon a contract's conclusion.
The company will not announce a final launch date, but should be willing to proceed should the CFTC not raise any objections.
According to the CFTC's Rules and Rule Amendments webpage, the regulator has 10 business days to review the proposed products.
ICE published two documents Monday, detailing the listing and self-certification of its two new gadgets.
In the blog post, Loeffler wrote that we'll be working with our customers over the next several weeks to for user acceptance testing (UAT) for futures and custody, which we ready to start in Aug.
We expect wireless UAT to make sure you keep customers have a person to onboard and can test the trading and custody model we've built within their satisfaction, she wrote, adding that future details will be shared in upcoming posts.
New products
Still, Loeffler shared some new info regarding Bakkt's upcoming programs.
For one thing, the firm are listed two different futures contracts: a daily settlement bitcoin future, which will enable customers to transact in a same-day market, and a monthly futures decision. This is different from the one-day futures contract that the platform originally announced.
Specifically, the firm's new products will be:
A daily settlement bitcoin future, may enable customers to transact in a same-day market;
And a monthly futures contract, that's different from the one-day futures contract that the platform originally announced.
Bakkt will also place $35 million of its own funding into the clearinghouse risk waterfall, which puts many of our skin in the game' and aligns our interests for market integrity and safety with market participants, Loeffler showed.
In addition, Bakkt plans to use its own qualified custodian to provide custody services, though this remains prone to regulatory approval.
In a blog post, Bakkt CEO Kelly Loeffler wrote that Bakkt had worked closely using the U.S. Commodity Futures Trading Commission (CFTC), the regulatory agency in charge of overseeing derivatives products in the country, and would be testing its bitcoin futures contracts september.
No launch date was announced, and indeed, Loeffler never explicitly say how the company's proposal to self-custody its bitcoin and clear through its parent company's warehouse (Intercontinental Exchange's ICE Clear US) had been okayed.
Rather, Bakkt, through ICE, will self-certify its bitcoin futures products, meaning how the CFTC will must assess whether not really the proposals violate any laws or regulations. If the regulator does not find any issues within a 10-day deadline, the products will move onward.
This is distinct from asking the CFTC to explicitly approve a product, which Bakkt was previously said to do. CME and Cboe both self-certified their bitcoin futures contracts when had been looking first announced in 2017.
However, unlike CME and Cboe's products, Bakkt will deliver actual bitcoin, rather than cash equivalent, upon a contract's conclusion.
The company will not announce a final launch date, but should be willing to proceed should the CFTC not raise any objections.
According to the CFTC's Rules and Rule Amendments webpage, the regulator has 10 business days to review the proposed products.
ICE published two documents Monday, detailing the listing and self-certification of its two new gadgets.
In the blog post, Loeffler wrote that we'll be working with our customers over the next several weeks to for user acceptance testing (UAT) for futures and custody, which we ready to start in Aug.
We expect wireless UAT to make sure you keep customers have a person to onboard and can test the trading and custody model we've built within their satisfaction, she wrote, adding that future details will be shared in upcoming posts.
New products
Still, Loeffler shared some new info regarding Bakkt's upcoming programs.
For one thing, the firm are listed two different futures contracts: a daily settlement bitcoin future, which will enable customers to transact in a same-day market, and a monthly futures decision. This is different from the one-day futures contract that the platform originally announced.
Specifically, the firm's new products will be:
A daily settlement bitcoin future, may enable customers to transact in a same-day market;
And a monthly futures contract, that's different from the one-day futures contract that the platform originally announced.
Bakkt will also place $35 million of its own funding into the clearinghouse risk waterfall, which puts many of our skin in the game' and aligns our interests for market integrity and safety with market participants, Loeffler showed.
In addition, Bakkt plans to use its own qualified custodian to provide custody services, though this remains prone to regulatory approval.
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