Bakkt COO Says User Acceptance Tests Initiate on July 22
- White confirmed the firm’s ongoing collaboration with the ICE, but did not give any details about when contracts would trade.
The COO of cryptocurrency platform Bakkt, Adam White, today said in Medium blog that the ICE-backed startup would begin testing its much-anticipated Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that futures contracts on July 22.
Mr. White confirmed the firm’s ongoing collaboration with Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv (ICE) which will act as Bakkt’s exchange and clearing partner, but he did not give any details about the exact date when the contracts trading would debut.
“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US,” said the former Coinbase executive.
The new Bitcoin offering involves two futures contracts; daily future contract, which will enable customers to transact in a same-day market, and a monthly bitcoin futures contract. The contracts will be margined by ICE Clear US, including the collection of initial margin collateral and variation margin to manage risk.
Adam also shared a figure illustrating the benefits that institutions would expect when they trade with their yet-to-launch crypto venue. The list includes block trades; a fee holiday through the end of the year; market maker incentive programs to encourage liquid markets; and integrations with ISVs and regulated brokerage platforms.
It’s a game changer
In addition, price formation in these benchmark contracts will be supported by professional tools to detect abusive or disruptive trading practices, including wash trades.
CEO Kelly Loeffler confirmed last month that Bakkt plans to start user acceptance testing (UAT) for futures and custody this summer, which was a strong indication on how she’s confident to settle the remaining issues with the US regulators. From the Bakkt’s perspective, however, this action only aims to ensure providing prospective clients with sufficient time to onboard and test its trading and custody models.
And in order to placate the CFTC, the physical delivery and storage of bitcoin will be provided by Bakkt’s qualified custodian. This was the issue that has made the agency most concerned about the NYSE owner’s product as crypto assets have been vulnerable to the risks of possible theft and manipulation.
The COO of cryptocurrency platform Bakkt, Adam White, today said in Medium blog that the ICE-backed startup would begin testing its much-anticipated Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that futures contracts on July 22.
Mr. White confirmed the firm’s ongoing collaboration with Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv (ICE) which will act as Bakkt’s exchange and clearing partner, but he did not give any details about the exact date when the contracts trading would debut.
“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US,” said the former Coinbase executive.
The new Bitcoin offering involves two futures contracts; daily future contract, which will enable customers to transact in a same-day market, and a monthly bitcoin futures contract. The contracts will be margined by ICE Clear US, including the collection of initial margin collateral and variation margin to manage risk.
Adam also shared a figure illustrating the benefits that institutions would expect when they trade with their yet-to-launch crypto venue. The list includes block trades; a fee holiday through the end of the year; market maker incentive programs to encourage liquid markets; and integrations with ISVs and regulated brokerage platforms.
It’s a game changer
In addition, price formation in these benchmark contracts will be supported by professional tools to detect abusive or disruptive trading practices, including wash trades.
CEO Kelly Loeffler confirmed last month that Bakkt plans to start user acceptance testing (UAT) for futures and custody this summer, which was a strong indication on how she’s confident to settle the remaining issues with the US regulators. From the Bakkt’s perspective, however, this action only aims to ensure providing prospective clients with sufficient time to onboard and test its trading and custody models.
And in order to placate the CFTC, the physical delivery and storage of bitcoin will be provided by Bakkt’s qualified custodian. This was the issue that has made the agency most concerned about the NYSE owner’s product as crypto assets have been vulnerable to the risks of possible theft and manipulation.