Bakkt ready for Bitcoin | User acceptance tests in July!
According to Bakkt, we will soon be witnessing the start of user acceptance testing for bitcoin futures.
Bakkt and bitcoin
The operational director of Bakkt Adam White presented the road map of project development with a clear indication of the security of digital data storage. Today, Bakkt announced the introduction of bitcoin futures. They were developed by Bakkt in cooperation with ICE Futures USA and ICE Clear US. As reported in the entry, close cooperation with the CFTC in the development of contract methodology is carried out to meet the clients’ needs in terms of trade, transparency and market certainty in full compliance with federal regulations.
It’s a matter of a few months
Customers operating on the cryptocurrency markets had a say in shaping the design of the first Bakkt product offer. As detailed in the CFTC report of the ICE Futures filed today in the United States, futures on bitcoins will be traded on the federated stock exchange for future contracts in the coming months.
Bakkt declares cooperation with clients in the next few weeks to prepare for user acceptance testing (UAT) for futures and custody contracts that we expect in July. Bakkt declares that it will provide more details in subsequent blog posts.
Bitcoin futures at Bakkt
The new bitcoin futures contracts have the following features in the context of the uniqueness of trading experience, security and risk management:
1) Contracts on a daily basis that will enable customers to trade on the market during the same day.
2) Contracts on a monthly basis that will enable trading on a monthly basis, taking into account the curve of forward prices.
The basic characteristics of Bitcoin Bakkt
Price developments in reference contracts will be supported by proven tools to detect fraud or unfair commercial practices. This means that settlement prices in ICE Futures U.S. will be based on prices set in contracts for physically delivered contracts. Bakkt will not rely on unregulated money markets.
Futures contracts will be secured by ICE Clear US. The scope of the collateral is included in the margin deposit and variable deposit to manage the risk. This approach is consistent with effective capital risk management practices on global futures markets.
Bakkt will contribute USD 35 million to the settlement risk management system. This solution makes them enter their own game. At the same time, they adjust their interests to market integrity and security together with its participants.
In the context of bitcoin delivery and storage, Bakkt will integrate the custodial service that will be provided by a qualified custodian. Bakkt will do this subject to the approval of the regulatory body. Data storage will be supported by appropriate compliance, including the anti-money laundering program.
We are ready for Bakkt!
Everything indicates that the cryptocurrency community will finally see bitcoin futures under Bakkt. Write in the comments what you think about the proposed solutions.