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Launch of bitcoin futures platform by Bakkt

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Launch of bitcoin futures platform by Bakkt

The highly reputed institutional cryptocurrency platform Bakkt has begun testing of its first product – BTC Futures. The much-anticipated launch has finally taken place on July 22, 2019. In the initial phase, the bitcoin futures platform will be working in the test mode. The business concern intends to do the full-fledged launch of the new platform into commercial activities and operations. The end of the 3rd quarter schedules the complete launch of the digital asset platform. Many renounced names across various industries have backed the launch of the crypto trading platform.

High interest of the investors

The company that was behind the launch of the bitcoin futures platform, Intercontinental Exchanges (ICE) had postponed the launch several times in the past. In spite of this, the interest of investors seems to have intensified like never before. At least this is what Sam Doctor; the strategist of Fundstrat Global Advisors has to say.

He has stated that “We think Bakkt could be a huge catalyst for institutional participation in the crypto market.” Even though numerous delays have taken place in its launch, the platform could revolutionize the trading of digital assets. The high participation of serious institutional money like Bank of America and Goldman-Sachs are also responsible for the surge in the investment interest.

Bitcoin platform will set market standards

Adam White, the Chief Operating Officer of Bakkt, has said that their deliverable bitcoin futures platform could set completely new market standards. Previously he had told that the test launch would take place two days after Apollo 11’s 50th anniversary. He had said, “That’s our mission – to support the development of trusted infrastructure for securely transacting in the new market for digital assets.”

Bakkt would be offering two future contracts which would encompass daily as well as monthly settlements. The creators of the platform have said that risk management and the collateral mechanism would adhere to the traditional derivate market standards. The platform would be a major move that would help to grow this evolving market. Sprecher, the CEO of Intercontinental Exchanges, has said that the platform will assist in building higher confidence in the digital asset class on a global scale.

Bitcoin futures platform launch to revolutionize digital asset market

The test launch of Bitcoin futures platform by Bakktnhas garnered a lot of attention recently. This platform would primarily allow traders from different parts of the globe to bet on the future price of the coin. They could also get the opportunity to hedge their position in the elemental bitcoin market setting. In the past, the trading of bitcoin futures has been relatively muted. But the launch by Bakkt could give rise to transformational changes in how bitcoins work.

The unique initiative by Bakkt is being backed by some reputed names such as Microsoft, Starbucks, and BCG. By launching the crypto trading platform, the company intends to improve the level of efficiency, security, and seamlessness. Bakkt is the brainchild of the company that has created the New York Stock Exchange. So the new platform could build a seamless and open global network which could enable the global users to sell, purchase, store, and spend their digital assets simply and efficiently.

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