Wall Street Firm, Bakkt, Announces Its First Bitcoin Futures Contracts
Bakkt, the financial firm launched this August by the Intercontinental Exchange (ICE) along with Microsoft, Starbucks and others have announced the introduction of its first physically settled Bitcoin futures contracts.
In a historic tweet, Bakkt proclaimed that “Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP, and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.”
Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.
— Bakkt (@Bakkt) September 25, 2018
This move comes amidst mixed views from industry stakeholders, some of whom believe that bitcoin ETFs may not be approved by the Securities and Exchange Commission (SEC) even by the end of this year.
Even so, others feel that the security in storing digital assets (which is an advantage when it comes to the crypto sector) may push SEC into giving its nod to bitcoin ETFs.
Brian Kelly of CNBC expressed on the matter, stating:
“This is huge news. I think the market is completely underappreciated. So let us talk about why [Bakkt] is the biggest news of the year for Bitcoin.
It paves the way for a Bitcoin ETF. Last week I stood here and said you know what, I don’t think the Bitcoin ETF will get approved. And guess what? The Winklevoss ETF got rejected. Why?
Because there was not a US regulated exchange and there wasn’t US regulated custody.”
Bakkt aims to provide a seamless worldwide forum for stakeholders to invest and trade in digital assets in a simple manner. With the launch scheduled to be in November, the news has surely caused a furor in the crypto circle.
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