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New York Stock Exchanges’s Parent Company Confirms Bakkt Launch Date

New York Stock Exchange’s (NYSE) Intercontinental Exchange (ICE), announces the launch date for Bitcoin futures on its platform Bakkt.

INTERCONTINENTAL EXCHANGE (ICE)

Bakkt is a trading platform for storing, trading and spending digital assets. This platform is like every other exchange by the New York Stock Exchange’s parent company InterContinental Exchange. The exchange will be officially live on Dec 12.

On Monday, ICE announced it could start offering physically settled bitcoin futures contracts in December. This is the first offering provided by ICE through their trading platform Bakkt.

As per the documents, “Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day.”

Bakkt will not support margin trading for its BTC contracts. By not allowing cash settlements or margin trading or leverage settlement, the platform and the Bitcoin futures will reportedly better support market integrity and enable “trusted price formation”, which the platform believes to be the key to “advancing the promise of digital currencies.”

Bakkt was earlier announced this year when Intercontinental Exchange (ICE) announced its intentions to start an “open and regulated global ecosystem for digital assets.” And ICE had already put out its intentions to one-day offer clients to cash their futures products to receive Bitcoin instead of cash, which is the “bitcoin futures contract.”

The exchange was going to be live by November as per their earlier announcement. However, approval from Commodities Futures Exchange Commission (CFTC) was pending. This causes delay, however, keeping the announcement in mind, CFTC confirms futures product.

This follows after the startup reveals the hiring of Adam White, the fifth employee & former Vice President of Coinbase. Moreover, White will now be the Chief Operating Officer of Bakkt.

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Kerin

Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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