Bakkt starts futures trading platform on Bitcoin
After a couple years of waiting, Bakkt announces that it will start its futures trading platform for Bitcoin in beta version. The trading procedures will be similar to the existing futures trading platforms like CME and CBOE. In this market, the main difference will be on the trader’s withdrawal. While the previous markets let the traders to withdraw their profits in cash, Bakkt will enable bitcoin withdrawals from its platform.
Bakkt is an affiliate company of NYSE’s parent company, Intercontinental Exchange (ICE). This way, Bitcoin futures establish its name on the Wall Street and on the daily life of the financial world.
The main investor of Bakkt is ICE but there are plenty more powerful names behind this $ 182 million effort. Investors like Mike Novogratz’s Galaxy Digital, Microsoft’s M12 and Pantera Capital are also partners in the platform.
Bakkt’s COO, Adam White told to reporters “Practically, the idea is very simple but the investors were afraid of Bitcoin and other digital assets and didn’t trust them for a lot of time”.
The announcements for the platform had begun in August 2018 with its launch to be expected in November 2018. After many delays, the announcement for the beta launch came at 22 July 2019.
The launch of Bakkt gives in the crypto space an unique opportunity to get in contact with the traditional capital markets and become a part of the financial system in global scale.