Bakkt Bitcoin Futures Could See Green Light in Just 10 Days
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Bakkt Bitcoin Futures Could See Green Light in Just 10 Days

May 14, 2019      Cryptoknowmics

Bakkt could soon proceed with its Bitcoin futures product if the CFTC does not raise any objections within 10 days.

We’ll Be Bakkt…Soonish

Bakkt could be cleared to proceed in just 10 short days pending Commodity Futures Trading Commission (CFTC) approval. Or rather, pending lack of CFTC disapproval.

In other words, you probably won’t be trading Bakkt futures in 11 days time. Should the CFTC has no objections, Bakkt intends to prepare for user acceptance testing (UAT) of its futures and custody solutions.

The UAT has an expected start date of July, and will ensure that customers can onboard, and test the trading and custody model.

READ  Devaluation of Currency Enhanced Cryptocurrency Use in Indonesia

Bakkt To The Futures

Bakkt also provided more details about the futures contracts it will offer once launched.

Two varieties will be available: a daily settlement contract, and a monthly futures contract. Price formation will utilise tools to detect disruptive practices such as wash trading. Contracts will be margined in a manner consistent with capital-efficient risk management in other global futures markets.

Additionally, Bakkt will contribute $35 million into the clearinghouse risk waterfall, aligning its interests for integrity and safety with other market participants.

Who Is Left Holding Bitcoin?

Finally, Bakkt also revealed that it is working with New York State Department of Financial Services to become a qualified custodian. The digital assets warehousing solution ‘will be supported by insurance, cybersecurity, and comprehensive compliance’.

However, their blog post made no mention of how far along this process was, leading some commentators to question the feasibility of the July start to UAT.

Can We Trust Promised Start Dates?

Since its announcement last summer, Intercontinental Exchange’s (ICE) physically-settled Bitcoin futures product, Bakkt, has promised to pave the way for institutional investors.

READ  Ethereum Ratio Solid: Price Climb Ahead? | Warren Buffet Justin Sun | Coinbase Fees | Voice Thoughts

But a proposed November 2018 launch date found itself pushed back a month to December, and then postponed indefinitely.

It is a sad indictment on the state of cryptocurrency legislation and regulation, that none of the other products vying for institutional investment has beaten it to market.

Regulators do seem keen to drag their feet when it comes to approving crypto-based investment vehicles such as ETFs and futures contracts.

Self-certification may have skirted the worst of the CFTC red-tape, but that July 2019 testing date is far from guaranteed.

Go to Source
Author: Emilio Janus

#Crypto News #Cryptocurrency #Cryptocurrency News

The dynamics of Crypto Fraternity is changing at a lightning speed. Access to most critical information in a timely and curated manner is extremely critical for the health of your investments. Cryptoknowmics is the fastest platform to bring and deliver news and critical information from above 3000 sources at your fingertips. We cover almost all aspects of cryptoworld from exchange, tokens, coins, dapps, ICOs, IEOs, STOs, events, airdrops, jobs, services, wallets, etc. We strive to be the complete solution for your crypto needs.