Bakkt Platform Announces Launch Date For Bitcoin Futures
Intercontinental Exchange (ICE), a company that owns the New York Stock Exchange, announced the opening date of the Bitcoin futures trading on the cryptocurrency platform Bakkt. Traders will be able to purchase the contracts from December 12, 2018, according to the ICE document.
The crypto platform Bakkt announced the plans to start trading Bitcoin futures in September this year. The contracts will be one of the first offers by the new ecosystem, which will be opened in November 2018 by the global operator ICE. Bitcoin is going to become the first cryptocurrency listed on Bakkt and traded in pairs with fiat money.
Bitcoin futures can be bought for US dollars, and later for pounds sterling and euros. Buying one futures pair of USD/BTC, the trader receives one bitcoin to his account, the company reported. According to the document, the platform does not set a daily limit on the contract price.
Bakkt is going to trade the contracts worth one bitcoin. The tokens will be stored in the ICE's “warehouse” of digital assets. Clearing services will be provided by ICE Clear US, the operator’s subsidiary.
Earlier this year, Bakkt announced abandoning margin transactions. Instead of speculative offers on the platform, transactions backed by real assets will be carried out. Bitcoin trading will be pre-funded, which virtually eliminates the risk of default. Also Kelly Loeffler, the head of the company, reported that the ecosystem will include a guarantee fund.
Previously, the former Coinbase vice-president started working at Bakkt.