Bakkt, one of the most awaited institutional platform, will begin user acceptance testing for its Bitcoin futures by the end of July 2019, according to a blog post posted by Adam White, the COO of Bakkt.
This announcement could be a net-positive for the entire cryptocurrency community as several members have been waiting for its launch ever since NYSE’s parent company, Intercontinental Exchange announced Bakkt’s launch. Additionally, the news comes in the wake of the platform previous statement made in May that they expect the testing of the launch of both their Bitcoin daily futures contract and Bitcoin monthly futures contract to begin in July.
The blog post also emphasized on the term “moonshot bet,” stating that the chairman and CEO of Intercontinental Exchange, Jeff Sprecher remarked that the firm’s investment in Bakkt was “a bit of a moonshot bet”, during the company’s Q4 earnings conference call. The blog post stated,
“Still, bitcoin price discovery, like a moonshot, requires diligent testing before launching. On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.”
More so, the blog post also detailed on how the platform would be solving several market risks, including regulatory uncertainty, price discovery, market manipulation and surveillance. The blog post further stated,
“Bakkt also brings all the other features that institutions would expect […] block trades; a fee holiday through the end of the year to encourage trading; market maker incentive programs to encourage liquid markets; and integrations with ISVs and regulated brokerage platforms.”
gfe86, a Redditor, seemed unconvinced that the platform would start the testing in July, considering that the launch has been constantly delayed since January of this year. The Redditor said,
“Mark the date, cause they will postpone it for another 3 month, the good part here is the market, stopped being affected with such news.”
X-Men XRP, a Twitter user said,
“Don’t worry the rest of the world will leave Bakkt behind if they can’t get this up and running within a years time. Remember this is global not just U.S…”
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