Bakkt Starting Bitcoin Futures From September
Bakkt will be launching Bitcoin futures contracts from 23rd September this year. They will be delivering daily and monthly futures, partnering with ICE Futures U.S. and ICE Clear US.
The Commodities and Futures Trade Commission (CFTC) have green-lighted the the contracts through their self certification process. The New York State Department of Financial Sevices has also given the go-ahead for the creation of Bakkt Trust Company as a qualified custodian.
In a blog post, Bakkt CEO Kelly Loeffler said, "...by now, digital asset markets are global and well-developed, but they have largely been designed to serve retail customers rather than institutional participants." The new contracts are filling a gap in the market by creating a trusted custodian and the Bakkt Warehouse.
Contracts offered by Bakkt will not be based on spot market prices so that they can be a more reliable guide to the daily price of Bitcoin. Trades will have more oversight and have regulatorhy compliance built-in, including ICE Clear US's exisitng guarantee fund, with US$35million being added over time with the new contracts,