ICE's cryptocurrency platform Bakkt has announced the date to launch trading of daily and monthly physically delivered bitcoin-futures following the approval from the US Commodity Futures Trading Commission.
Bakkt's CEO Loeffler stated in the company blog that the launch date has been slated for September 23. The platform successfully received permission for futures contract trading via self-certification procedure.
"Our contracts have already received the green light from the CFTC through the self-certification process and user acceptance testing has begun," she said.
According to the available information, the futures contracts are likely to be listed on ICE Futures and cleared by ICE Clear US.
Notably, all the contracts will be backed by the guaranty fund which amounts to $35 million already now.
The custody for the funds of institutional clients will be provided by Bakkt Trust Company, which is licensed by NYDFS.
"Importantly, we’ve designed the Bakkt Warehouse to provide regulated, secure custody of bitcoin that is protected by $125 million in insurance," as the press release reads.
The company spokesperson noted that the unique feature of Bakkt's products is that the platform will not use bitcoin spot price for futures assessment as this price can be easily manipulated.
At the same time, the company refused to provide details on its pricing method.