Bakkt's Bitcoin futures (BTC) trading is now available on the Intercontinental Exchange (ICE), launched on September 23 at 00:00 UTC. The platform is the first of its kind to receive US regulatory approval.
Although the news about the launch of Bakkt began to spread more than a year ago, the platform itself faced numerous delays due to problems with regulators. On August 16 this year, Bakkt announced that the company had received approval from the US Commodity Futures Trading Commission (CFTC).
The Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) have long offered to trade bitcoin futures, but these transactions were settled with the fiat currency. Physically settled Bakkt futures contracts allow customers to receive bitcoins, rather than their equivalent value in fiat currency, upon expiration of the contract.
The platform offers daily and monthly trading of bitcoin futures, which will be processed through the Bakkt bitcoin storage, which began processing deposits and withdrawals in early September. A few days later, Bakkt announced that they had received a $125 million insurance policy protecting the bitcoins held in their “vault”.