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Cryptocurrency Derivatives Series: Bakkt likely to lure institutional inflow
There has been a long waiting of cryptocurrency aspirants for institutional investors. While the launch of bitcoin futures contracts on regulated exchanges in late 2017 didn’t gain a lot of traction, but for now, Bakkt likely to strike a chord.
While Bakkt is also a long-awaited bitcoin futures platform from the Intercontinental Exchange (ICE), the parent company of the NYSE. Bakkt itself has remained tight-lipped over the precise launch date after delaying its launch last year, with ICE CEO Jeff Sprecher in February simply saying “later this year.”
The launch of ICE’s Bakkt (physically settled-BTC futures) now awaits CFTC’s green signal. While Bakkt has now given new hints of release day, in an announcement on Medium Blogspot.
Kelly Loeffler, the CEO mentions “as we work through regulatory approvals, we are mindful that the infrastructure we are building has the potential to create more opportunities for digital assets to grow in relevance and trust — by being more secure, investible and useful.
As a former marathoner, this point in time recalls the stage in the training regimen when you’re putting in long runs with your training team. Race day is approaching, and there is more work to be done. I’m proud to be going the distance with this growing team and of the culture, we are building while bringing digital assets into the mainstream economy.”
BTCUSD is currently trading at $5,326 levels at Bitfinex. The Intercontinental Exchange appears to be on a quest to make Bitcoin investing easier. The company is said to be in advanced discussions with the US CFTC regarding the launch of physically settled Bitcoin futures.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 143 levels (which is highly bullish), hourly USD spot index was at 92 (bullish) while articulating at (09:54 GMT).
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