Bakkt will be delaying the launch of its first product by around a month according to an announcement made on Nov. 20. The company first unveiled plans to offer bitcoin futures in August of this year. The launch was scheduled to happen on Dec. 12 but has been pushed to Jan.24, 2019 when trading and warehouse operations will begin.
The company said that “the new listing timeframe will provide additional time for the customer and clearing member onboarding prior to the start of trading and warehousing of the new contract.”
The Company May Offer More Than Bitcoin Futures
The announcement was made on the company’s Medium account. Kelly Loeffler, the CEO of the company said the delay was due to “volume of interest” in the company and the amount of work that was required to get all the pieces in place.
Adding:
“As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So, it makes sense to adjust our timeline as we work with the industry toward launch.”
Previously the company had revealed it would launch physically settled bitcoin futures. This meant clients would receive BTC upon the expiration of the contracts rather than cash.
According to Loeffler, Bakkt may offer more than just bitcoin futures. She says that they “are taking opportunities in our start-up phase to expand our offering.”
“We’ll share more about some of these new features in the coming weeks, but as a start, I’m pleased to announce that we have insurance for bitcoin in cold storage and are in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture.”
She goes on to add the company is focusing on building an institutional grade crypto warehouse. “we … believe this is a significant step in building confidence in this asset class.”
The company had previously stated it was working with Microsoft, BCG, and Starbucks. The three companies offered assistance in both risk management and customer experience for the product.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology
