Bakkt may be approved by officials before launch
US regulators may approve the release of the Bakkt platform that is supported by Bitcoin
The ICE which is the Intercontinental Exchange for the Bakkt cryptocurrency platform has the chance of getting approved by to launch the Physically-delivered Bitcoin(BTC) futures product. According to Cointelegraph, this is coming from an unconfirmed anonymous source that told tech outlet The Block Thursday on the 25th of October.
The Bakkt team is focused on creating a regulated ecosystem for institutional investors who are looking to gain exposure to the world of cryptocurrencies. The company previously stated that it was planning on launching its future product on the 12 of December 2018.
Many crypto enthusiast and followers agree that regulators should give the project the green light, while the ICE’s Bakkt will begin launching its Bitcoin to USD daily Futures contract for clients. This will be implemented as soon as the first week of next month, this was according to an unnamed source that has direct knowledge of the situation of the Bakkt at hand as stated by the Block.
According to the source of the publication of the Chicago trading shop, DV trading will be trading the Bakkt products and services. There are concerns that the non-custodial options will be ultimately detracted from the industry’s credibility, as this has surfaced from cryptocurrency figures and crypto enthusiast like Andreas Antonopoulos. He thinks that the impact of the regulatory approval of Bitcoin exchange-traded funds (ETF’s) will take effect in the near future.
The first non-physical Bitcoin futures was launched from the CBOE and the CME Group in December of last year. This has combined some poor returns with a lot of volatility in the markets that are close to settlement dates and this has sparked a lot of debating amongst analysts of the platform.
The role of regulators is to make sure the technology is easy to use for individuals who are not very tech savy and for the future role of market demand and penetration.
What is your opinion about this possible decision by regulators? Please feel free to leave your comments down below.
