Bakkt delaying the launch of its Bitcoin futures platform to January

Bakkt delaying the launch of its Bitcoin futures platform to January

Bakkt delaying the launch of its Bitcoin futures platform to January

Announced Tuesday via a company blog post, Bakkt's first product, unveiled in August, has now been postponed to January 24, 2019.

As Cryptopotato reported after the first launch date was announced, Ironwood research group (IRG) analyst Mike Strutten, remarked that a physically backed Bitcoin future is a very "bullish sign for the markets". According to CEO Kelly Loeffler, the delay is meant to give the project more time to make sure that the platform is operationally sound at launch. She explained that there was still "work required to get all the pieces in place".

"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".

As we speed into the United States holiday season and toward year-end, there's no shortage of progress at Bakkt. It was set up by the New York-based Intercontinental Exchange (ICE), and aims to offer 1-day physically settled bitcoin futures for institutional clients from its base in the US. The new release date is still subject to regulatory approvals, and the company promises to keep the community updated on progress and relevant milestones as the launch approaches. Therefore, Bitcoin will actually be transacted by institutional investors on-chain, which is expected to have a positive impact on Bitcoin's market cap.

Whatever the reason for the delay may be, some speculate that it has more to do with low liquidity and little trading interest in the futures market, rather than "the volume of interest in Bakkt".

Bakkt delaying the launch of its Bitcoin futures platform to January

Then, she explained that they were planning to expand their offering (details of which would be announced "in the coming weeks"), but she was able to announce that they have managed to get "insurance for bitcoin in cold storage", and that they are "in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture".

"Many of us share the view that a new asset class is forming and a framework for operating within these markets is welcome", she said.

As part of its efforts to develop the product, Bakkt previously announced it was working with BCG, Microsoft and Starbucks.

What do you think of ICE's Bakkt? "There is no reliance on cash platforms for settlement prices for pricing the daily bitcoin futures contract". Let us know in the comment section below.

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