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28 May 2020

Bakkt Regulated Bitcoin Futures Now Live on Major Exchange - Bitcoin News

Bakkt Regulated Bitcoin Futures Now Live on Major Exchange - Bitcoin News


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Bakkt Regulated Bitcoin Futures Now Live on Major Exchange.

Trading is now live for Bakkt’s regulated, physically-delivered daily and monthly bitcoin futures, with the first trade executed at 8:02 pm ET on Sunday.

(ICE), the parent company of the New York Stock Exchange (NYSE), began trading its physically-delivered bitcoin futures products Sunday.

The Bakkt Bitcoin (USD) Daily Futures Contract and the Bakkt Bitcoin (USD) Monthly Futures Contract are now trading on ICE Futures U.S., one of the world’s largest commodities markets, and cleared by ICE Clear U.S.

Institutional traders now have a market for physically-delivered bitcoin futures, which means that actual bitcoins are held in Bakkt’s warehouse and will be delivered at the expiry of the contract.

Bakkt has launched its bitcoin futures products ahead of two other CFTC-regulated exchanges: Ledgerx and TD Ameritrade-backed Erisx.

Customers’ bitcoins are stored in the Bakkt Warehouse, operated by Bakkt Trust Company Llc, a qualified custodian which is regulated by the New York State Department of Financial Services (DFS).

Both Bakkt’s daily and monthly futures are compliant with the regulatory requirements of the Commodity Futures Trading Commission (CFTC), the company confirmed.

While the actual impact Bakkt will have on bitcoin markets remains to be seen, CEO Kelly Loeffler told Fortune in an interview that “The funds that trade on our exchanges expressed to us that they don’t want to deal in today’s unregulated markets, and want end-to-end federal oversight, on the level of the NYSE, to feel safe trading in bitcoin.” Claiming that asset managers told her that bitcoin could be a boon for balancing their portfolios if it is safe enough, she was quoted as saying:.

He believes that “Regulated bitcoin futures could be part of their investment mandate, since they have different correlations with both stocks and bonds, and other alternatives such as gold.” Loeffler added that she expects lots of action from retail brokerage firms, stating that “The brokers are always looking for an edge to attract new customers, and offering bitcoin could have lots of appeal.” She also expects interest from college endowments and pension funds, since “They’re the ones who are usually in the forefront in adopting new investment ideas.”.

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