Breaking: Bakkt Platform Receives All Approvals, CEO Announces Launch Date
According to a recent post from the CEO of Bakkt, Kelly Loeffler,
Bakkt began user-testing on its platform on 22nd July 2019. As reported earlier on Coingape, the launch of the full-scale platform was around the corner as well.
The platform had procured a green signal from CFTC on the design of the contracts through the self-certification process and user-acceptance testing. The only thing stopping them from the lunch was the added issue of Bitcoin custody because these contracts will be settled via Bitcoin itself. Loeffler noted,
The Bakkt Bitcoin futures contract is now complete. The process of settling trades in Bitcoins involve a Bakkt Trust Company which includes the Bakkt Warehouse for managing the funds of the arrangements. The Bakkt Warehouse is secure and insured by a $125 million policy.
The Bakkt platform aims to provide the trust that crypto exchanges lack in providing financial services to institutional traders. Bakkt is found by ICE (Intercontinental Exchange) which is the parent company of the New York Stock Exchange as well.
The price and volume of Bitcoin are surely expected to get a boost from the platform. Bitcoin [BTC] is trading at $10,431 at 16: 00 hours UTC on 16 August 2019. It is trading 3.1% higher on a daily scale.
The post Breaking: Bakkt Platform Receives All Approvals, CEO Announces Launch Date appeared first on Coingape.
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