One of the most interesting projects in the crypto world is certainly Bakkt, both for its ambitions and because it is carried out by the Intercontinental Exchange (ICE), the company that manages the New York Stock Exchange.
Today, through Twitter, Bakkt announced BTC futures: “Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account“.
It is not yet known when this will happen, but the tweet confirms what they promised.
Issued futures will be delivered physically, i.e. in BTC, and not in fiat currency.
The goal, as revealed a few days ago, is to be able to meet the specific investment requirements of regulated institutions and thus make digital assets more liquid, reliable and accessible.
For this reason, Bakkt has decided to use the existing regulated infrastructure of the futures market, but with bitcoin delivered physically: in this way all aspects of the futures market, including onboarding and compliance with institutional requirements, become part of the bitcoin world, with the approval of the US CFTC.
Obviously, to do so, they are creating a real deposit to store BTCs safely, with biometric scans, sharding and multi-sig.
In addition, Bakkt has decided to finance the purchase and sale of Bitcoin, so as to reduce the default risk and keep them in a separate guarantee fund from the company.
The roadmap foresees that the service will be launched in November, month in which the so-called institutional investors will be able to access the bitcoin market in all safety, without having to worry about custody.