CEO ICE Jeffrey Sprecher: Market likely to see Bakkt product soon

Posted 02 August, 2019

ICE's cryptocurrency exchange Bakkt is getting ready to launch bitcoin futures in the near term.

CEO at ICE Jeffrey Sprecher stated that the platform is on its home stretch now. He explained that Bakkt is waiting for the final approvals, so the launch of physically-settled bitcoin futures will be not long in coming.

During the recent quarterly conference call, Sprecher stated that Bakkt develops a regulated ecosystem to cope with the global market demand.

At the same time, he refused to comment on exact dates so far.

For reference, ICE expressed intentions to launch the platform that might offer trading physically-settled futures in the USA last August. The project was supported by Microsoft and Starbucks.

The initial start-up date was slated for December 2018, but then the company rescheduled the launch many times due to regulatory issues.

In fact, Bakkt planned to get approval from the US Commodity Futures Trading Commission. However, it decided to apply the self-certification of the contracts. As a result, the exchange has filed an application for trust license with the New York Department of Financial Services. The new product will see a light in case of regulator's positive determination.

Bakkt reportedly announced the planned start of bitcoin futures testing in late July.

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