Bakkt, the Intercontinental Exchange’s Bitcoin (BTC) futures platform, has finally commenced with the testing of how it will deliver BTC futures.
Bakkt recently tweeted that testing for user acceptance for daily and monthly Bitcoin futures have begun and that there were participants from all over the world.
The Bakkt platform first revealed its plans to start its futures testing back in June. At the time, the company’s COO Adam White said that Bakkt would begin its user acceptance trial on July 22 and mentioned that it was two days after the 50th anniversary of the Apollo 11. He also noted that the testing was for BTC futures that are registered and traded at ICE Futures US and have been cleared at ICE Clear US.
White also stated that the launch of Bitcoin futures will assist in bringing in more corporate participation in the crypto markets.
Bakkt’s BTC futures platform are physically dispatched through a procedure called “warehousing.” This process is said to be advantageous from a pricing viewpoint. However, it could raise questions among regulators.
The launch of Bakkt’s platform went through a number of delays. Regulators like the US’ Commodity Futures Trading Commission first inspected the system’s compliance processes and its possible impact on the market.
Full Release Predicted this Quarter
However, Sam Doctor, Fundstrat Global Advisors’ strategist and managing director predicted last week that Bakkt would release full futures trading this quarter.
According to Doctor, there seems to be solid set of adopters ready to join forces with Bakkt from Day 1 of its futures platform launch. He attributed it to the company’s sales teams gaining momentum among brokers, liquidity providers, market specialists, and prop trading desks.