Fun

Bakkt’s ‘Moonshot’ Bitcoin Platform to Begin Testing Today

News Feed - 2019-07-22 06:07:03

Bakkt’s long-delayed bitcoin futures platform is scheduled to begin testing today. 


The trading platform, aimed squarely at institutions, is widely expected to be a game-changer and a major catalyst for the bitcoin price. As Fundstrat concluded last week, investors are eagerly waiting on the sidelines:“There appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch… The launch could be a huge accelerator for market growth.”Bakkt’s Bitcoin Moonshot


Bank-rolled by the Intercontinental Exchange (ICE) – the parent company of the New York Stock Exchange – as well as Starbucks and Microsoft, Bakkt is the most anticipated launch of 2019.


Per a Medium post written by COO Adam White in June, the platform will begin user acceptance testing today.“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.”@Bakkt may be a "moonshot bet" but the market structure problems we're solving are real. User testing starts July 22nd – learn more here:https://t.co/AwJ6OgBdn5


— Adam White (@WhiteAdamL) June 13, 2019




While bitcoin futures trading isn’t new, Bakkt is whole different beast. The futures contracts are physically settled in bitcoin. Investors receives a real allocation of BTC at the end of the contract period. In contrast, CME bitcoin futures simply track the spot price and settle in cash. It never “touches” bitcoin.RelatedPostsThank Elon Musk When the US Wins the AI Arms RaceBitcoin Approaches Second Inning as Bakkt Exchange Launch NearsFired Microsoft Geek Allegedly Stole $10 Million With a Bitcoin Mixer


Bakkt will also provide fully-regulated, institutional-grade custody for digital assets. The firm applied for a trust license, allowing it to act as a qualified custodian with $100 million insurance coverage. The trading platform will also serve as a price discovery market that doesn’t rely on “manipulated” exchange-driven spot prices. 


In simple terms, it’s the first physical bitcoin product that institutional players are comfortable using.Bakkt: “huge accelerator” for bitcoin price?


Market research firm Fundstrat said last week that Bakkt will be a “huge accelerator” for bitcoin growth. More than 150 institutional investors and service providers attended Bakkt’s Institutional Digital Asset Summit last week, and the sentiment was positive.


The Commodities and Futures Trading Commission (CFTC) confirmed that institutional demand for bitcoin is growing. As the Fundstrat report writes:“The CTFC is seeing growing demand and interest for Bitcoin futures from the public.”We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH @fundstrat @fundstrat_ken pic.twitter.com/lkRylD1P4C


— Sam Doctor (@fundstratQuant) July 19, 2019


Is a bitcoin ETF next?


Many have speculated that Bakkt’s launch will have a domino effect for other institutional bitcoin products.


Bakkt solves many of the regulators’ concerns about cryptocurrencies. It provides a reliable price discovery for bitcoin, immune from the exchange spot price which regulators worry is subject to manipulation. Bakkt also provides high-grade custody and a liquid futures market.


These features may help the SEC get more comfortable with the idea of a bitcoin ETF.


The final Bakkt launch date is not yet known. It has already been pushed back from January 2019. CCN reached out to Bakkt to confirm today’s test launch and will update this article when we hear back.Watch The Legend of Bitcoin Tags: bakktmicrosoftNYSEStarbucks

News Feed

Bitcoin price feels FOMC friction as trader eyes trip to mid-$50K zone
William Suberg8 hours agoBitcoin price feels FOMC friction as trader eyes trip to mid-$50K zoneBTC price risks mount into a classic risk-asset hurdle, but optimistic analysis sees room for a deeper correction still prese
Savannah Fortis14 hours ago‘AI’ takes Collins dictionary word of the year, ‘debanking’ makes shortlistThe Collins dictionary named ‘AI’ word of the year, describing AI-powered language models as “bursting i
Strategy and Space Gamers Get Their Own Play-to-Earn Metaverse Full of Cool NFTs — DEEPSPACE (DPS) Alpha Review
Strategy and Space Gamers Get Their Own Play-to-Earn Metaverse Full of Cool NFTs — DEEPSPACE (DPS) Alpha Review Space, the final frontier. The long and exciting journey through v
Global M2 Vs. Bitcoin Shows Bullishness As Analyst Sets ‘Blast Off’ Date, Here’s When
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Wikipedia Stops Accepting Cryptocurrency Donations Citing Community’s Environmental Concerns
Wikipedia Stops Accepting Cryptocurrency Donations Citing Community"s Environmental Concerns Wikipedia has decided to stop accepting cryptocurrency donations after eight years of d
Silvergate Bank Becomes Most Shorted Stock in US, but Sees Boost With Citadel Securities Stake
Silvergate Bank Becomes Most Shorted Stock in US, but Sees Boost With Citadel Securities Stake Recent data shows that Silvergate Bank, a crypto-friendly financial institution, has
Ex-Bitfarms interim CEO steps down amid board shakeup
Turner Wright4 hours agoEx-Bitfarms interim CEO steps down amid board shakeupBitfarms announced a new member and leadership to its board as Riot Platforms still appeared poised to replace three members in October.443 Tot
Key Bitcoin price metric drops to a 2-week low — Is the BTC bull market over?
Marcel Pechman5 hours agoKey Bitcoin price metric drops to a 2-week low — Is the BTC bull market over?Bitcoin price has dropped to a worrying low, leading some traders to throw in the towel and claim the bull run is ov
Can Cardano Reclaim $1? Analyst Says ADA Price Must Hold This Crucial Level
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Demand Soars As BTC Reclaims $82K — Is $100K Within Reach?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
ZoidPay Announces the Launch of ZETA, the First on-Demand Metaverse
ZoidPay Announces the Launch of ZETA, the First on-Demand Metaverse press release PRESS RELEASE.1st Nov 2022, Bucharest, Romania— As part of its commitment to democratize access t
Switzerland Less Affected by Crypto Industry Crisis, Study Finds
Switzerland Less Affected by Crypto Industry Crisis, Study Finds While the global industry built around digital assets is losing funds and jobs are dropping off, Switzerland seems