Categories: Bitcoin News

BAKKT Marks Arrival as ICE Announces Trading Dates for Futures Contract

The most awaited venture in the cryptocurrency industry has finally announced its arrival. According to the latest notice released by Intercontinental Exchange, Bakkt™ Bitcoin (USD) daily futures contract will begin trading on December 12, 2018. The anticipation of Bakkt starting operations is even higher as it is anticipated to open doors for may the first Bitcoin ETF.

BAKKT arrival could get in a Bitcoin ETF

According to the press release issued by Intercontinental Exchange, ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on Wednesday, December 12, 2018.

The Bakkt Bitcoin (USD) Daily Futures Contract is a physically-settled daily futures contract for bitcoin held in Bakkt LLC, ICE’s Digital Asset Warehouse, and will be cleared by ICE Clear US, Inc.
According to the terms, each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day. Full contract specifications are below and can be found online.

Following are the major details that the notice shares regarding the product

  • Description- A physically settled daily futures contract for bitcoin held in ICE’s Digital Asset Warehouse
  • Contract Size- 1 Bitcoin
  • Price Quotation- US Dollars per bitcoin, to two decimal places
  • Minimum Price Movement- $2.50 per bitcoin ($2.50 per contract). Block Trades may be
  • executed at $0.01 per bitcoin ($0.01 per contract)
  • Settlement- Physical Delivery
  • Delivery Location- The ICE Digital Asset Warehouse

The other details of the Bitcoin

 

While another big player enters the crypto industry, Bakkt is also anticipated to get bring in the necessary eco-system that could get the approval for the First Bitcoin ETF.  One of the reasons Bitcoin ETF has not received clearance from SEC is that the SEC fears price manipulation and it is not yet satisfied with the security protocols the current cryptocurrency exchanges follow. Bakkt seems to be filling that gap up. Being a recognized exchange player, Bakkt is also anticipated to bring in the liquidity, another concern the SEC had raised.

Previously, the US SEC rejected 9 Bitcoin ETFs that based their price on the futures market because the BTC futures market was not sufficiently liquid.

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The excitement of Bakkt starting operations was shared by a leading personality of the crypto world.

Joseph Young to believes the entrance of Bakkt could change the viewpoint of SEC.

Michael Novogratz of Galaxy Digital Ventures LLC also seconded Joseph Youngs view

Bakkt seems to be answering all the questions that SEC had raised in its rejections and delay of Bitcoin ETF. One will have to wait and watch the reaction of SEC when Bakkt goes live.

Will SEC approval the Bitcoin ETF with Bakkt’s arrival? Do let us know your views on the same.

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Nilesh Maurya

Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

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