Bakkt CEO Kelly Loeffler Targets July for Thrilling Bitcoin Futures Launch
After a series of delays, Bakkt CEO Kelly Loeffler expects regulators to give the green light for bitcoin futures contracts. | Source: Shutterstock
By CCN: It’s finally happening. The Intercontinental Exchange (ICE), the parent company of Bakkt, has officially filed for bitcoin futures approval with the U.S. Commodity Futures Trading Commission (CFTC), according to a blog post this morning by Bakkt CEO Kelly Loeffler. Although the CFTC hasn’t approved the new platform yet, Loeffler seems confident it will, stating:
“…bitcoin futures will be listed on a federally regulated futures exchange in the coming months.”
What We Know About the Platform
Loeffler sheds some light on the upcoming platform launch in her post. Here’s what we know:
- Bakkt will list two futures platforms – one for daily settlements and another with a month-long timeframe.
- The platform has tools in place to detect wash trading and exclude it (as well as other deceptive practices) from its price discovery.
- ICE Clear U.S. will margin the bitcoin futures, but Bakkt is still contributing $35 million toward clearinghouse risk.
- The company still plans to settle the futures contracts with physical bitcoin, differing from futures competitors the CME and Cboe which only settle in cash.
Today, we’re pleased to update you on the launch of bitcoin futures contracts developed by Bakkt in collaboration with ICE Futures U.S. and ICE Clear U.S. https://t.co/8G3YcFbPl2
— Bakkt (@Bakkt) May 13, 2019
Bakkt Has Had a Long Road to Regulation
Since announcing the platform in August 2018,