By Adeline Gibbs (Italy)
Bakkt has been cleared to launch in the next month. The announcement is made after getting the approval from US Commodity Futures Trading System and now it is free to launch its Bitcoin contracts.
CEO of Bakkt Kelly Loeffler wrote a blog post on Friday in which she says:
Our contracts have already received the green light from the CFTS through the self-certification process and user acceptance testing has begun.
Furthermore, she added in her blog post about Bakkt Warehouse that is designed for regulation and secure custody of bitcoin and is protected by $125 million in insurance.
She also said that an institutional compliance and anti-money laundering program would be included in order to provide a trustworthy ecosystem. She included this into his blog post that the Bakkt program with new services would like to cover the gap between rail and institutional trading in the retail-oriented market of cryptocurrency.
Bitcoin’s future contracts were supposed to be launched in December 2018 by the Bakkt Trust Company but because of some regulatory reasons and issues of securing custody of Bitcoin, they had to delay its launch date. And now as Bakkt Warehouse has provided these facilitations, so they have announced its launch date.
Also read:Bakkt Warehouse
She wrote down the importance of Bakkt Warehouse by saying that we have used cyber and physical security protections in order to build up the Bakkt Warehouse. Both of these (cyber and physical security protections) are used by many top markets in which the most active market NYSE is included, so we can believe in the worth of both of these and hence in the Bakkt Warehouse services.
With the support of Bakkt Warehouse, they are now finally looking positive and are planning to go to the market with their Bitcoin future trading contracts in the next month. Kelly also said that they are doing preparations for user testing. There are still some doubts in some forms of crypto-community regarding the launch of Bakkt because Bakkt’s history is making them create doubts about its launch.
Bitcoin price may lower with the launch of Bakkt because in the beginning the investors and traders would want to buy the Bitcoin futures contracts on low cost, so in this case, the worth of Bitcoin may fall.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.