ICE Reveals Launch Date For BTC Futures On Bakkt platform October 23, 2018 October 23, 2018 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 23, 2018 by Kelly Cromley

ICE Reveals Launch Date For BTC Futures On Bakkt platform

The Intercontinental Exchange (ICE), which owns and operates the New York Stock Exchange (NYSE), has revealed the launch date for Bitcoin (BTC) futures on its Bakkt platform. Bakkt, founded earlier this year by global exchange operator Ice, is a market place for storing, buying and selling crypto assets. As per the document, Ice will begin offering Bakkt Bitcoin (USD) daily futures contracts for trading from Dec. 12, 2018 onwards. The product is physically handled and authorized by Ice Clear, Inc. The note elaborates more:

“Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse, and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day.”

The statement aligns with the September statement which stated that the firm’s “first contracts will be physically delivered BTC futures contracts versus fiat currencies” such as the US dollars, pounds sterling and euros. Bakkt will not offer margin trading facility on its BTC contract.

By abstaining from margin trading, leverage and cash settlement, the platform will allegedly offer improved market integrity and permit the “trusted price formation,” which it believes as the key to “advancing the promise of digital currencies.” In December last year, the Chicago Mercantile Exchange (CME) and the Chicago Board Operations Exchange (CBOE) launched Bitcoin futures.

Furthermore, this summer, the Federal Reserve Bank of San Francisco penned an Economic Letter specifying that “the rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence” and “it is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.