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Cryptocurrency Derivatives Series: Bakkt COO’s hint on testing of Bitcoin futures likely to pave the way for institutional clients
The much-awaited Bakkt’s platform for bitcoin futures contracts with physical delivery facility appears to be ready to go. Yes, it is finally all set to unveil on this July 22nd.
Quite a few crypto aspirants have been hoping that the institutional-grade offering will encourage investors. Mr. Adam White, the COO of cryptocurrency platform Bakkt, mentioned in Medium blog that the ICE-backed start-up will commence testing its much-anticipated Bitcoin futures contracts from July 22nd.
Mr. White also clarified the firm’s prevailing collaboration with Intercontinental Exchange (ICE) which will act as Bakkt’s exchange and clearing partner, but he did not give any details about the exact date when the contracts trading would debut.
The new cryptocurrency start-up, ‘Bakkt’ established by the Intercontinental Exchange (ICE), was all set to launch bitcoin futures contracts with physically delivery facilities.
Well, the objective is to offer new tracks especially for institutional clients and retail traders to make access for cryptocurrency trading.
With that objective, in recent past, Bakkt, made the announcement of the acquisition deal of the Digital Asset Custody Company (DACC) along with several other updates to boost the company’s credentials and operations.
While the institutional clients seem to be showing their interests in the blockchain domain. Very recently, JPM also announced of its JPM coin.
In yet another instance, French-based credit institution Societe Generale SFH, which is a subsidiary of one of Europe's largest financial services groups, Societe Generale Group, has also issued a 100 million euro ($112 million) bond as a security token on the Ethereum (ETH) blockchain.
ICE, which is the parent of the NYSE, originally intended to unveil Bakkt back in mid-December. Then it was deferred to late January’2019. Later on, the launch was again deferred indefinitely due to the US shutdown. We reckon that if everything goes as per their desire, Bakkt is most likely to create positive momentum in the cryptocurrency space.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 123 levels (which is highly bullish), and hourly USD spot index has bearish index is creeping at 71 (bullish) while articulating (at 05:30 GMT).
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