Bakkt says bitcoin futures testing to begin in July

FILE PHOTO: A group of Bitcoin (digital forex) tokens are displayed in this image illustration taken December eight, 2017. REUTERS/Benoit Tessier/File Photograph

NEW YORK (Reuters) – Bakkt, the startup cryptocurrency platform affiliate of New York Inventory Trade-owner Intercontinental Trade Inc, stated on Thursday it will begin letting customers check two physically-settled bitcoin futures contracts on July 22.

The crypto-platform, which has confronted regulatory delays since ICE introduced plans for the brand new enterprise final August, stated buying and selling was anticipated to begin someday in the second half of the yr. Bakkt nonetheless wants regulatory approval of its custody warehouse, the place the digital belongings shall be saved.

Bakkt goals to draw extra conventional monetary establishments into the cryptocurrencies area and it has partnered with ICE’s clearinghouse and futures alternate to deliver new merchandise to the market. The futures shall be listed on ICE Futures U.S., cleared at ICE Clear U.S., and bodily delivered to Bakkt’s warehouse.

Trade operators CME Group and Cboe International Markets already supply bitcoin futures in america, although Cboe’s final contract settles this month and has not been renewed.

In contrast to CME and Cboe’s cash-settled futures, Bakkt’s contracts shall be bodily settled, which means bitcoin shall be delivered to the Bakkt warehouse when the contracts expire.

Reporting by John McCrank; Modifying by Susan Thomas

Our Requirements:The Thomson Reuters Belief Ideas.

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