Well, exciting news came along when it was finally revealed that the institutional crypto platform, Bakkt will finally begin the testing of its first product, physically-delivered Bitcoin futures. As per the company’s announcement in a blog post, the testing is supposed to be held on 22nd July.
One can undoubtedly never deny the fact that Bakkt literally had to go through enormous hurdles in its path of being launched as a platform. The firm, which was originally announced in the month of August 2018, now plans to offer futures as the first in a series of offers. However, the exact details are still unknown.
While mentioning some imperative as well as notable points in a blog post, Adam White, the chief operating officer wrote:
“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.
This is no small step. This launch will usher in a new standard for accessing crypto markets. Compared to other markets, institutional participation in crypto remains constrained due to limitations like market infrastructure and regulatory certainty.”
Moreover, it should also be noted that the announcement actually came in the same week when the data that indicated Bitcoin futures from CME Group turned record high volume in the month of May was revealed.