As Bitcoin (available on Coinbase) (BTC) holds resistance above $8,100 USD, more positive news has arrived to help its case. Intercontinental Exchange’s (ICE) cryptocurrency platform, Bakkt, is to begin testing its first product: physically-delivered Bitcoin (available on Coinbase) futures.
The date for launch is just over one month from now, July 22nd.
Bakkt Announces First Project Launch
In a blog posted earlier today, Bakkt chief operating officer ADAm White wrote:
“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its Bitcoin (available on Coinbase) futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.”
He furthered:
“This is no small step. 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.”
Bakkt’s Bitcoin (available on Coinbase) futures offering has seen multiple delays due to regulatory compliance. It was first announced in August 2018, and investors have been eagerly awaiting its arrival since.
In addition to announcing the date, ICE provided new details regarding Bakkt’s monthly contract, as well as specifications for its daily contract.
The key details are as follows:
Each contract will contain one Bitcoin (available on Coinbase). And both monthly and daily contracts will see a minimum price fluctuation of $2.50 per Bitcoin (available on Coinbase).
Trades may be executed at $0.01 per Bitcoin (available on Coinbase) and can list for as long as 12 months for monthly contracts or 70 consecutive days for daily contracts.
Final contract settlements for both contracts will occur at the Bakkt Warehouse.
Bakkt Versus Others
As stated, ICE first announced that it would be launching physically-settled Bitcoin (available on Coinbase) futures contracts in August 2018.