Bakkt Gets Green Signal from Regulators Will Launch on 23 September
Finally Bakkt announced its launch date.
Bakkt is a Bitcoin futures contract exchange powered by New York $tock Exchange (NYSE). The future contract exchange gets a green signal from the regulators and ready to launch its platform for all users.
Bakkt announced in an official post that they received a trust charter from New York Regulators, means that Bakkt is now a qualified custodian and can store Bitcoin under future contract.
After a couple of delay from its initial launch date, Bakkt will start all services from 23 September. Bakkt has started the testing of its future contract in July but no opened the gates for all users because of getting a trust licence from New York Department of Financial Services (NYDFS).
Bakkt CEO Kelly Loeffler further added:
“Uniquely, Bakkt bitcoin futures contracts will not rely upon unregulated spot markets for settlement prices, thus serving as a transparent price discovery mechanism for the benchmark price for bitcoin. The importance of this differentiator is only amplified by reports of significant manipulative spot market activity, and other concerns such as inconsistent anti-money-laundering policies and weak compliance controls.”
Bakkt will provide two types of future contract daily and monthly. Users can trade the daily contact on the same day and the contract will expire at the end of the day whereas monthly contracts will have a 30 days expiry date.
