NEW YORK – The much-hyped Bakkt, the brainchild of the parent company of the New York Stock Exchange, called the Intercontinental Exchange (ICE), will launch its Bitcoin futures platform in December, according to a document released this week.
Bakkt is a new cryptocurrency platform proposed by Jeff Sprecher, the founder, chairman, and CEO of ICE. Bakkt also is backed by Microsoft, Starbucks, and Boston Consulting Group. The document explains that ICE will list Bakkt Bitcoin (USD) Daily Futures Contracts for trading on Dec. 12, 2018. The product will be physically-settled and cleared by ICE Clear U.S., Inc.
The Platform’s Big Plans
Bakkt hopes to create an integrated platform that enables consumers and institutions to buy, sell, store and spend digital assets on a seamless global network. It also will be creating a program that allows larger businesses to conduct business with digital currencies more efficiently.
The company’s first contracts will be physically-delivered BTC futures contracts versus fiat currencies against U.S. dollars, pounds sterling, and euro.
However, Bakkt will not support margin trading for its BTC contract. Nor will it allow leveraging and cash settlements, as its focus is to better support market integrity. Instead, the company believes simply following market price formations is the key to “advancing the promise of digital currencies.”
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