Bakkt To Start Trading Bitcoin Futures In January 2019
Bakkt, the crypto platform owned by Intercontinental Exchange, announced the postponement of the start date of bitcoin futures trading, as follows from the official blog.
Initially, it was assumed that the trading of bitcoin futures on the Bakkt platform will start in December 2018, but now their launch has been postponed to January 24, 2019. The delay is explained by the fact that the users performing clearing need more time to prepare for trading and storing the asset under the new contract.
Often, when testing a new product, there is a need for some adjustments related to the introduction of new processes, risk prevention, or mitigating measures, and it is even more critical in case of crypto assets, Kelly Loeffler, the Bakkt executive director, stated. She explained that this is why it was necessary to change the date of the bitcoin futures launch.
It is possible that the delay in the launch of a new financial product is associated with the need of the approval of the regulatory body. Previously it was assumed that the regulator would allow trading by the end of October, but the decision has not been made yet.
Loeffler added that Bakkt will expand beyond bitcoin futures and will soon tell about some new features. Currently, the company is offering bitcoin insurance services in cold storage and is working to insure customers' hot wallets.
Such companies as BCG, Microsoft, and Starbucks participated in the development of the new Bakkt product, in particular, they provided their experience and assistance regarding customer service and risk management.