Bakkt sets the test date for Bitcoin ETFs in July 2019 and the price goes up
The price of Bitcoin has currently set a new high for the year with an average price of $ 7,800 in the last hours, an amazing 12.27% since Baktt's announcement to establish tests for July this year of its Bitcoin Futures products.
In a blog post for the company, Bakkt CEO Kelly Loeffler wrote that Bakkt had “worked closely” with the Commodity Futures Trading Commission of the United States (CFTC), the regulatory agency in charge of the supervision of derivative products in the country, and would be testing their Bitcoin futures contracts this summer.
Today, we’re pleased to update you on the launch of bitcoin futures contracts developed by Bakkt in collaboration with ICE Futures U.S. and ICE Clear U.S. https://t.co/8G3YcFbPl2
— Bakkt (@Bakkt) May 13, 2019
After so much waiting time, it seems that finally the CFTC has paid off and although the agency does not want to get involved in a definitive start date, this summer seems to be the option desired by the company together with the regulatory body to date. start operations
Bakkt will self-identify its Bitcoin futures products, which means that the CFTC will have to evaluate whether the proposals violate any law or regulation. If the regulator finds no problem within 10 days, the products will advance.
Bakkt futures is an initiative of the Intercontinental Exchange, the owner of the New York Stock Exchange, NYSE. Under this support, two Bitcoin futures will be offered physically secured by the merchant. There will be two versions in theory, one with daily and one monthly settlement.
However, for now Bakkt is not asking the CFTC to explicitly approve a product, which was said earlier that Bakkt was doing.
Unlike the products of CME and Cboe, Bakkt will deliver real bitcoins at the expiration of the contract.
As mentioned in the blog, the company has self-certified with its two contracts, the newspaper and the monthly.
Specifically, the new products of the firm will be:
- An ETF BTC daily settlement that will allow customers to make transactions in a market on the same day.
- A monthly BTC ETF, which is different from the one-day contract that the platform had previously announced.
To conclude, the firm said it will place $ 35 million of its own financing in the clearing house to give security to the products and confidence in the market, under its own risk, according to Loeffler.
For now, Bitcoin has reacted positively to the news, with a market dominance of more than 60 percent and a capitalization market that is already close to $ 138 billion.