Friday , August 6 2021

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

After a long wait, the highly anticipated Bitcoin (BTC) Futures product from Bakkt is almost a reality: Today, the company announced that it could launch its platform and product in the coming weeks.

The news has since spread like a guy gang in the crypto industry, prompting Bitcoin to climb 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 September 23, just over a month away. realized.

Previously, the platform had approved all necessary regulators – including the Commodities and Futures Trading Commission (CFTC) and the New York State Department of Financial Services. They have confirmed the company as a qualified custodian for Bitcoin that supports physically settled futures products.

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

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

Baked Futures contracts are also covered by the existing Guarantee Fund at ICE Clear US, which has an established risk management landscape in several commodity markets … It is important that we have designed Bakkt Warehouse to offer regulated, secure storage of protected Bitcoin of $ 125 million in insurance, she said.

BTC makes a leap because of the news of the Bakkt launch

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

While it is unclear whether this news will be sufficient to push BTC further into the near future, it is likely that the news will bolster the upward momentum that the crypto patho first heard yesterday. When he had a strong recovery after falling to a low of $ 9,500.

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

Text resistant: newsbtc

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