On November 20, the operator of New York Stock Exchange, Intercontinental Exchange (ICE), stated that the official launch of the Bakkt crypto trading platform has been delayed till January 2019.
The official ICE statement reads:
"ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on trade date Thursday, January 24, 2019, subject to regulatory approval"
As DFID.org reported earlier, the operator stated that the Bakkt platform aimed at large institutional investors would come into service on December 12 2018. It is possible that the delay can be partly related to the regulatory approvals, which were expected in November. Meanwhile, the company representative explained that the dates were shifted given the amount of the work to be done for the smooth launch.
"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. So it makes sense to adjust our timeline as we work with the industry toward launch," commented on the reschedule Kelly Loeffler, CEO Bakkt.
The first products of the platform are said to be physically-settled futures contracts for bitcoin, which will differ from the futures that were launched on the CBOE and CME in 2017 as the latter are paid in fiats.
Still, the company is said to consider expanding the initial offering. As the company representative said, they will release more information in the near term.
"I’m pleased to announce that we have insurance for bitcoin in cold storage and are in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture...", she added.