Bakkt to Start Testing its Bitcoin Futures on July 22
Much-anticipated and oft-delayed crypto trading platform Bakkt aims to initiate user acceptance testing for its bitcoin futures on July 22, the company announced today.
“This launch will usher in a new standard for accessing crypto markets. Compared to other markets, institutional participation in crypto remains constrained due to limitations like market infrastructure and regulatory certainty,” Adam White, Chief Operating Officer of Bakkt, wrote in a blog post.
As previously reported, two futures contracts will be listed and traded at ICE Futures U.S. and cleared at ICE Clear U.S.:
- A daily settlement bitcoin future, which will enable customers to transact in a same-day market.
- A monthly bitcoin futures contract will enable trading in the front month and across the forward pricing curve.
Bakkt has long been regarded as a big step of traditional investors into crypto that could boost the adoption of Bitcoin and other digital assets.
At pixel time (15:32 UTC), bitcoin trades at around USD 8,200 and is up by 0.50% in the past 24 hours and by 6.2% in the past week.
The partners and investors in Bakkt include companies such as Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Starbucks, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, Microsoft’s venture capital arm, M12, Pantera Capital, PayU, the fintech arm of Naspers, and Protocol Ventures.
Reportedly being valued at around USD 740 million, Bakkt will need a lot of trading volume to ensure satisfying returns to their investors, as reported.
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