CEO Kelly Loeffler

Kelly Loeffler, CEO, Bakkt

After a long hiatus of one year, Bakkt’s ‘Bitcoin Futures’ has finally received a nod from the U.S. Commodity Futures Trading Commission (CFTC). The Atlanta-headquartered financial services company is all set to launch the platform on September 23rd.

The company will provide custody and physically delivered bitcoin futures contracts on a daily and monthly basis in partnership with ICE Futures US and ICE Clear US, as shared by Bakkt’s CEO Kelly Loeffler via a blog post on Friday.

Loeffler shared that the company’s contracts have received the green light from the CFTC through the self-certification process and the company is gearing up for the launch with the user acceptance testing already in process.

After receiving a charter from the New York State Department of Financial Services to create Bakkt Trust Company, the Bakkt Warehouse will custody bitcoin for physically delivered futures. The platform will also offer customers regulatory clarity and security alongside a regulated, globally accessible exchange, she added.

With the new platform, the company is aiming at providing a trusted ecosystem, according to the blog post. And, to ensure the same, the company plans on including an institutional compliance and anti-money laundering program, settlement of prices distinct from unregulated spot prices, market oversight, a guaranty fund contribution, and insurance.

Bakkt is a financial services platform that enables consumers and institutions to buy, sell, store and spend digital assets. It develops an open technology to connect the existing market and merchant infrastructure to the blockchain.

by Sheeba Bhagat Dawar
Market Analyst at IBS Intelligence