- Bakkt has announced January 24, 2019, as the new date for their futures trading platform
- The postponement is due to the “volume of interest,” and testing of various aspects of the platform
Bakkt released a medium post updating users about recent and upcoming developments ahead of the holidays.
The most important, perhaps is the update regarding the launch of the futures trading platform which had initially been scheduled for December 2018.
However, according to the post, the launch will take place on January 24, 2019, with warehouse and trading operation to begin on the same date.
Work in Progress
Beside the update on the launch date, there was also information given about the preparations being made ahead of the date.
Customer onboarding is currently taking place and so is the securing of regulatory approval.
According to the post, the CFTC is conducting a review of the Bakkt™ Bitcoin Daily Futures contract and the Bakkt Warehouse.
This is due to effort on Bakkt’s part to make sure their new platform will be in line with all regulations.
Considering the recent events with crypto-related businesses being shut down due to noncompliance with official regulations, this is a necessary step.
As Bakkt said,
“These products represent a critical shift in the evolution of crypto markets toward more accessible, useful, and regulated instruments.”
Will the Crypto Market Dip Further?
The announcement of the postponement of the launch was also made, along with explanations as to why the launch needed to be moved forward.
“Given the volume of interest in Bakkt and work required to get all of the pieces in place, we will now be targeting January 24, 2019 for our launch to ensure that our participants are ready to trade on Day 1,” the statement said.
It was explained that new processes, risks, and mitigants need to be properly tested and re-tested before the platform is opened to the public.
There was also the announcement of some new products tube available with the platform. This includes insurance for bitcoin in cold storage and possibly insurance for warm wallet storage.
More products are to be announced in the coming weeks.
Q & A
Rounding out the post was a Q & A style addressing of some coming customer questions regarding the new platform.
It was clarified that while bitcoin was the starting currency for the platform, more might be added soon.
The price of bitcoin to be adopted will be based on a one-day physically settled bitcoin contract.
