Traders have waited for Bakkt’s BTC futures platform long enough. The Intercontinental Exchange (ICE) has officially begun to test bitcoin futures delivery.
Today kicks off user acceptance testing @ICE_Markets for the Bakkt Bitcoin Daily & Monthly Futures contracts— Bakkt (@Bakkt) July 22, 2019
Testing is proceeding as planned with participants from around the world
Testing will not be restricted and participants from many different countries will be invited. First announcements about the bitcoin futures platform came last month.
Last month’s announcement stated that the launch will usher in a new stander for accessing crypto markets. Many investors place high expectation on the platform’s reliability since institutional participation in crypto is still constrained due to countless limitations.
The bitcoin futures is all part of Bakkt’s mission
The announcement also states that Bakkt’s main mission is to support the development of reliable infrastructure that will be used for secure transactions in the crypto market.
When it comes to features, Bakkt doesn’t fall behind most “standard” exchanges. Seeing as the crypto market is incredibly versatile and broadly accessible, Bakkt offers:
- Market maker incentive programs which encourage liquid markets
- Integrations with ISVs and regulated brokerage platforms
- Block trades
This is a sigh of relief for many investors which were discouraged from the several delays of the bitcoin futures platform.
Probably the biggest delay came from the United States Commodity Futures Trading Commission (CFTC) as they investigated all of Bakkt’s compliance procedures. This was done to ensure that the unexpected effects will be kept down to a minimum.
Sam Doctor, the managing Director and quant strategist at Fundstrat Global Advisors was very positive when it came to the upcoming launch.
We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH @fundstrat @fundstrat_ken pic.twitter.com/lkRylD1P4C— Sam Doctor (@fundstratQuant) July 19, 2019
If participation in the crypto market does indeed rise thanks to Bakkt, this will probably push more exchanges to begin offering the same services.
Regardless if more exchanges follow Bakkt’s example or not, investors will now have another tool in their disposal to navigate in the extremely volatile crypto market.
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