The long-awaited Bitcoin trading and custody platform Bakkt may be launching soon as information from the company suggests a huge step is underway. In a Medium post today, the company said it will be engaging in user acceptance testing in July.
“In conjunction with our exchange and clearing partners at ICE, we’ll be working with our customers over the next several weeks to prepare for user acceptance testing (UAT) for futures and custody, which we expect to start in July. We’ll provide more details in upcoming posts, but we expect to use UAT to ensure that customers have time to onboard and can test the trading and custody model we’ve built to their satisfaction.”
This is part of the preparation to launch futures contracts that Bakkt has developed in collaboration with ICE Futures U.S. and ICE Clear US, which are regulation-compliant contracts designed to meet customers’ trading, transparency, and market certainty needs.
According to Bakkt, active as well as potential customers have contributed significantly in decisions concerning the design of the initial product offering with the help of the CTFC, and Bitcoin futures will be going live on a federally regulated futures exchange in few months.
This update is a great encouragement to the cryptocurrency community which has been waiting for the launch of Bakkt, a platform that will encourage institutional participation in the industry.
While this has been delayed a number of times since 2018 mainly due to inadequate preparation, information from the company earlier this year indicates the platform will be launching later this year. Although the public is tempted to doubt that, it seems Bakkt is keeping its words this time with this new progress.
Bakkt’s parent company Intercontinental Exchange (ICE) has also applied to the New York Department of Financial Services to become a registered Bitcoin futures custody platform. ICE has also acquired DACC, a cryptocurrency custodial company, which Bakkt’s COO Adam White said was an important step in the realization of Bakkt’s launch this year.
With this in place, the cryptocurrency community can rest, assured that bakkt will be up and running soon. This, of course, will be a major boost to the industry and especially Bitcoin which is already on a bullish market move.