Newsflash: NYSE Owner Delays Bakkt Bitcoin Futures Launch to 2019

ICE Re Schedules Launch of Bakkt Bitcoin Futures Product to 2019

Bakkt announced the postponement via Medium this Tuesday. Despite the importance of the Bakkt futures launch might be overestimated, the news trimmed Bitcoin's gains yesterday.

However, according to Kelly Loeffler, the CEO at Bakkt, the delay is unrelated to the recent plummet of cryptocurrencies. "So it makes sense to adjust our timeline as we work with the industry toward launch", Loeffler explained.

Loeffler started by noting that her team has been "hard at work with customer onboarding and securing regulatory approvals". The CFTC is very diligent and thorough in their review process, hence the delay. It was set up by the New York-based Intercontinental Exchange (ICE), and aims to offer 1-day physically settled bitcoin futures for institutional clients from its base in the US.

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), on Tuesday announced that it would delay the launch of its much-anticipated bitcoin futures product until at least January 24, 2019.

The long-awaited Bakkt Bitcoin (USD) Daily Futures Contract that was to be launched in December 2018 has been rescheduled for the next year 2019 subject to regulatory approval.

Then, she explained that they were planning to expand their offering (details of which would be announced "in the coming weeks"), but she was able to announce that they have managed to get "insurance for bitcoin in cold storage", and that they are "in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture".

"The oil market went from inconsistent regulation ... to a regulated futures market that was transparent and liquid - and many times larger and more useful for commercial hedgers and traders", Ms Loeffler said in a blog post.

We are focused on every aspect of delivering an institutional grade crypto warehouse solution and believe this is a significant step in building confidence in this asset class.

Bakkt made a splash in the crypto world when it was first announced back in August, with the support of well-known brand names like Microsoft, BCG, and Starbucks.

What do you think of ICE's Bakkt?

Bitcoin and other major currencies have been experiencing a bloody market in the past few days and the launch was expected to be one of the means of boosting the market.

What's Your Thought On This?, Let Us Know In the Comment section Below.

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