Intercontinental Exchange (ICE) backed crypto startup Bakkt, revealed in an announcement today, May 13, that it will soon officially commence user acceptance testing for its long-awaited futures and custody platform. As per the report that the testing process is expected to begin in July with the startup set to use the coming weeks to prepare for it.
Meanwhile, the latest development is coming off the back of successful development and filing of regulatory compliant futures contracts in collaboration the U.S Commodity and Futures Trading Commission (CFTC).
Bakkt's CEO, Kelly Loeffler wrote in the announcement,
"We’ve worked closely with the CFTC to develop contracts that both meet our customers’ needs for trading, transparency, and market certainty, and are also compliant with Federal regulations."
She further explained that the user testing period would serve a unique purpose, which is, allowing customers sufficient time to onboard and test Bakkt's crypto futures and custody solution.
Bitcoin Futures Contracts on Bakkt
According to the update, Bakkt's filling with the U.S CFTC is for two categories of Bitcoin futures contract, namely
- a Bitcoin Futures Contract that will be settled daily
- a Bitcoin Futures Contract that will be settled monthly.
Additionally, Bakkt's recent acquisition of DACC which Stmarket.co reported alongside the startup's application for a license in New York, paves the way for it to serve as a custodian for client's digital assets.
As it stands, everything may be set for the arrival of one of the most anticipated platforms expected to welcome institutional investors into the cryptocurrency industry. Also, the fact that it has come at a time when the crypto markets, especially Bitcoin is at a high point makes it even more remarkable.