Bitcoin futures exchange Bakkt launched the long-awaited custody and physically delivered daily and monthly bitcoin futures contracts today.
The first Bakkt Bitcoin Futures trade was executed at 8.02 pm ET at a price of $10,115.
Bakkt’s bitcoin futures will be exchange-traded on ICE Futures U.S. for bitcoin held in Bakkt Warehouse and cleared on ICE Clear US, which are federally regulated by the U.S. Commodity Futures Trading Commission (CFTC). The Bakkt futures contracts will also be covered by the existing guaranty fund at ICE Clear US.
Two futures contracts will be listed: A daily settlement bitcoin future, which will help customers to transact in a same-day market, and a monthly bitcoin futures contract, which will enable trading in the front month and across the forward pricing curve.
Each futures contract calls for delivery of one bitcoin held in Bakkt Warehouse, and will trade in U.S. dollar terms. One daily contract will be listed for trading each exchange business day.
The launch of the platform has had a few delays due to regulatory concerns. It was initially set to go live on ICE Futures US on December 12, 2018.
NYSE Owner Intercontinental Exchange (ICE) had announced in August last year the plan to launch a digital assets ecosystem through the new startup company called Bakkt, which will leverage Microsoft cloud solutions to create an open and regulated, global ecosystem for digital assets.
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