Sunday , June 11 2023

Bakkt Bitcoin Futures product is expected to hit the market in September


After a long wait, Bakkt's highly anticipated Bitcoin (BTC) Futures product is almost a reality: today, the company has announced that it will be able to launch its platform and product in the coming weeks.

The news has since spread like fire in the crypto industry, prompting Bitcoin to rise nearly 4% from around $ 10,000 to highs of $ 10,450.



Kelly Loefler, CEO of Bakkt, notes today that the company's "ambitious vision" of bringing institutional infrastructure to the crypto markets is on September 23, just over a month away. realized.

Previously, the platform received the approval of all necessary regulatory authorities – including the Commerce and Futures Commission (CFTC) and the New York State Department of Financial Services. They confirmed the company as a qualified watchdog for Bitcoin, which supports physically fixed futures products.

Regulated exchanges differ from trading platforms like crypto spot markets in many ways, including risk management, compliance and market surveillance, added Loeffler, emphasizing the benefits of a fully regulated platform for the crypto industry.

Please note: Loeffler also states that all future products are covered by the "ICE Clear US" warranty. This ensures that all products are protected by a strong insurance fund.

Bakkt Futures contracts are also covered by the existing Guarantee Fund at ICE Clear USA, which has an established risk-water case across multiple trading markets … It is important that we have designed the Bakkt magazine to offer regular, secure Bitcoin custody. , which is protected by $ 125 million in insurance, she said.

BTC jumps on news of Bakkt launch

As soon as the launch of the Bakkt platform became known, Bitcoin's price rose more than 3% – from minima of $ 10,000 to highs of over $ 10,400 before settling at its current price of $ 10,370.

While it is unclear if this news will be enough to push BTC any further in the near future, the news is likely to reinforce the upward moment the crypto dad first heard yesterday. Because he had a strong recovery after falling to a minimum of $ 9,500.

As the platform approaches its official launch next month, the hype surrounding its launch will likely revive the crypto markets and enhance investor sentiment.

Text proof: newsbtc

Source link