Bakkt, the Bitcoin platform of the Intercontinental Exchange (ICE), will launch its daily and monthly BTC futures contracts next month.
Having already received an approval for the products from the US Commodity Trading Futures Commission (CFTC), Bakkt announced on Friday that it had also won the approval of the New York State Department of Financial Services (NYDFS) to create a qualified custodian in the state.
“With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will custody bitcoin for physically delivered futures,” Bakkt’s chief executive officer Kelly Loeffler explained in a blog post. “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.”
Loeffler also noted that the Bakkt Warehouse was built using the cyber and physical security protections that supported the world’s most actively traded markets, including the NYSE. Being part of a qualified custodian meant that Bakkt Warehouse was designed to meet the highest standards of oversight, the CEO also said.
Bakkt intends to launch it’s the two offerings on September 23, roughly two months after it commenced user acceptance testing. The contracts will be traded on ICE Futures U.S. and cleared on ICE Clear US, which are federally regulated by the CFTC. Until the launch, the company plans to continue onboarding and testing with market participants to “bring more trust, access, opportunity and utility to digital assets”.
The Friday announcement helped Bitcoin to bounce back following its drop below the $10,000 mark in the previous session. The digital coin has since managed to stabilise above the psychological price level. The coin was even able to break above the $10,500 mark during today’s morning session.
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