After a long wait, the long-awaited Bakktin Bitcoin (BTC) Futures product is almost a reality: today the company announced that it could launch its platform and product in the coming weeks.
The news has since spread like wildfire in the crypto industry, causing Bitcoin to grow by almost 4% from around $ 10,000 to a maximum of $ 10,450.
Kelly Loefler, Bakkt's chief executive, notes today that the company's "ambitious vision" for bringing institutional infrastructure to the crypto markets is September 23, just over a month away. got it.
Previously, the platform received the approval of all necessary regulatory bodies – including the Commodity and Commodity Trading Commission (CFTC) and the New York State Department of Financial Services. They have confirmed the company as a qualified custodian for Bitcoin, which supports physically settled futures products.
Regulated exchanges are different from trading platforms like the crypto spot market in many ways, including risk management, compliance and market surveillance, Loeffler added, highlighting the benefits of a fully regulated crypto industry platform.
Please note: Loeffler also states that all futures products are covered by the "ICE Clear US" warranty. This ensures that all products are protected by a strong insurance fund.
Bakkt Futures contracts are also covered by the existing guarantee fund at ICE Clear US, which has an established case of risky waters in multiple commodity markets … Importantly, we designed Bakkt Warehouse to offer regulated, secure Bitcoin storage. which is protected by $ 125 million in insurance, she said.
BTC is making the jump over news of Bakkt's launch
As soon as the launch of the Bakkt platform became known, the price of Bitcoin rose more than 3% – from a low of $ 10,000 to a maximum of over $ 10,400 before dropping to its current price of $ 10,370.
While it is unclear whether that news will be enough to push BTC further in the near future, it is likely that the news will strengthen the upward momentum crypto-dad first heard yesterday. How he had a strong recovery after falling to the lows of $ 9,500.
As the platform nears its official launch next month, the hype surrounding its launch is likely to revive the crypto market and enhance investor sentiment.
Proof of text: newsbtc