Bakkt’s bitcoin future trading is now live. The fist Bakkt Bitcoin futures trade was executed at 8:02 pm ET at a price of $10,115.
The much-anticipated launch of ICE backed physically-settled bitcoin futures trading has been in the news from a long time. The launch got delayed many times because of regulatory issues. But on 16th August Bakkt announced that they had secured approval from the U.S. Commodity Futures Trading Commission.
Bakkt had already launched its bitcoin warehouse custody services to institutional investors on 6th September. The platform had announced to offer daily and monthly trading of physically-settled bitcoin futures. The company also announced that they had secured a $125 million insurance policy to protect BTC stored in their warehouse custody.
The launch of Bakkt has been a hot topic of discussion among the crypto community. Speculations have been going on for a long time about how Bakkt launch will affect the price of bitcoin. Bakkt has cleared its intentions that their primary focus is on institutional investors.
The current companies that offer bitcoin futures trading are the Chicago Mercantile Exchange and the Chicago Board Options Exchange, but these trades are cash-settled. Bakkt’s futures contracts would allow investors to get bitcoin instead of cash after the contract expires.