NEW YORK – Intercontinental Exchange’s CEO Jeffery Sprecher stated bitcoin (BTC) futures trading platform Bakkt will be launching soon during a quarterly earnings call.
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According to Sprecher, Bakkt is “working to develop a regulated ecosystem that services the evolving needs of [participants] around the world.”
“Subject to final regulatory approvals, we plan to launch our physically settled bitcoin futures in the very near future.”
The project was initially slated for launch in January, but has since faced stiff regulatory roadblocks.
Bakkt’s official launch date has yet to be announced.
“THIS IS NO SMALL STEP,” SAID BAKKT COO ADAM WHITE.
“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. THIS RESULTS IN LOWER TRADING VOLUMES, LIQUIDITY, AND PRICE TRANSPARENCY THAN MORE ESTABLISHED MARKETS LIKE ICE’S BRENT CRUDE FUTURES CONTRACT, WHICH HAS EARNED GLOBAL TRUST IN SETTING THE WORLD’S PRICE OF CRUDE OIL.”