Cryptocurrency News

Customers Can Deposit Bitcoin to Bakkt’s Warehouse Starting Next Week

Bakkt will open its warehouse to customers’ bitcoin on Sept. 6 in anticipation of its impending futures contract offerings, the company announced Wednesday.

In a tweet, the Intercontinental Exchange-backed bitcoin futures provider said it would begin offering customers secure storage for bitcoin “to prepare for the launch” of its daily and monthly futures contracts on Sept. 23.

Bakkt announced it had secured the last of its necessary regulatory approvals to launch earlier this month, more than a year after first unveiling its plan to offer customers a regulated, physically-settled bitcoin futures product – effectively, bets on bitcoin’s price at some future date.

While Bakkt’s launch had been delayed by regulatory holdups multiple times, it now plans to begin offering customers access to the first physically-settled futures contracts in the U.S. late next month.

Unlike cash-settled futures contracts, such as what CME offers, customers receive the actual bitcoin they bet on when a contract expires, rather than the fiat equivalent.

The company will offer customers access to a margined daily product, seeing its value proposition as offering traders a regulated alternative to existing spot markets.

Bakkt CEO Kelly Loeffler previously told CoinDesk that its daily contract “is designed to provide a margined instrument,” adding:

“So when you think about transacting on the futures exchange you’re operating within a [federally] regulated exchange.”

Kelly Loeffler image via CoinDesk archives

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