Kelly Loeffler, the CEO of Bakkt, released a blog post in which she informed that they have planned for July the user acceptance testing (UAT) for Bitcoin (BTC) futures custody and trading. Bakkt is one of the most awaited platforms in the cryptocurrency market.
Bakkt Moves Forward With Its Crypto Plans
In a recent blog post, Kelly Loeffler explained that Bakkt has been working side by side with the U.S. Commodity Futures Trading Commission (CFTC), the regulatory agency that is in charge of the oversight of derivatives products in the country. The intention was to test Bitcoin futures and contracts in July and the upcoming summer months.
Although there was no official date for launching Bitcoin futures, the company continues to work on the platform and be compliant with the current regulations and laws. Bakkt is a company started by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE).
The CFTC will have to control that the company is not violating any laws or regulations. If there are no issues in a 10-day deadline, that means that the products will continue to be developed and deployed. Bakkt aims at offering physically backed Bitcoin futures. This is different than what the Chicago Mercantile Exchange (CME) is doing, that is working with cash-settled futures contracts.
Loeffler commented about this:
“In conjunction with our exchange and clearing partners at ICE, we’ll be working with our customers over the next several weeks to prepare for user acceptance testing (UAT) for futures and custody, which we expect to start in July.”
At the moment there are no technical or other details about the initiative, but the firm will be releasing more information in the near future.
“We’ll provide more details in upcoming posts, but we expect to use UAT to ensure that customers have time to onboard and can test the trading and custody model we’ve built to their satisfaction,” Loeffler explained.
It is worth mentioning that there will be new products such as a daily settlement Bitcoin future and a monthly futures contract. This is going to allow customers to transact in a same-day market and on a monthly basis as well.
Additionally, Bakkt will be using $35 million of the funds that it has to clearinghouse risk waterfall. This would allow them to align their interest for market integrity and safety with those of the market participants
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