NEW YORK – Bakkt, Intercontinental Exchange’s bitcoin (BTC) futures trading platform, has stated they plan to test its two future contacts on July 22.
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Bakkt’s COO, Adam White, said the platform with “initiate user acceptance testing.”
In a recent blog post, Intercontinental Exchange (ICE) included new details regarding Bakkt’s monthly contact and provided an update regarding contract specifications for their daily contacts.
Both the monthly and daily contracts will have a minimum price fluctuation of $2.50, with each contact containing at least one BTC.
A listing cycle can last as long as 12 months for the monthly contracts and 70 successive contract dates on the daily contracts.
Settlement for both contacts will be at the Bakkt Warehouse.
Customers will receive actual BTC on the contract’s expiration, unlike current BTC future contacts offered by CME Group, which is cash-settled.
According to White, Bakkt hopes “to support the development of trusted infrastructure for securely transacting in the new market for digital assets.”
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,” White said.
“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.”