Bakkt To Release Tangible Bitcoin Futures As Initial Crypto Product
Once rolled out, clients will be able to trade in three fiat currencies.
First Bitcoin Futures To Be Rolled Out Under Bakkt
Bakkt’s initial offering will come as a physical bitcoin future. The development was confirmed by Bakkt operator, ICE. The details were made public on Tuesday via Twitter. The trading platform is the official operator of the New York Stock Exchange.
According to ICE, Bakkt will operate in a controlled environment. It will target institutional investors seeking to gain more knowledge about the cryptocurrency. The offered futures will be exchanged against a minimum of about three fiat currencies. The exchange noted that individuals who purchase bitcoins using the dollar will have them delivered to their accounts on a daily basis.
Last month, it emerged that Bakkt was not willing to use leverage with the largest cryptocurrency. According to the team, they did not want to set up a paper demand.
Bakkt was launched back in November and it immediately became popular in the market since its basic set up was unknown to many.
Opinion leaders in the crypto world criticized the developers over the institutional investor dash. They argued that the reputation created by bitcoin would suffer due exchange that was non-custodial.
At the moment, the industry is eagerly awaiting SEC’s goa head of ETFs. ETFs are different from Bakkt on the grounds that dealers of the former cannot take accept delivery of real bitcoins.