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Bakkt Opens for Business – Prepares for Upcoming Bitcoin Futures Launch

September 06, 2019

Bakkt, the long-awaited cryptocurrency platform that will launch physically-settled Bitcoin futures, says it’s open for business. It will now accept Bitcoin deposits. In an announcement via Twitter, the Intercontinental Exchange subsidiary gives the first major signal that the upcoming launch date at the end of September will stick – without further delays.

Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23

The availability of physical delivery brings more flexibility in managing bitcoin exposure

— Bakkt (@Bakkt) September 6, 2019

Customers will now be able to deposit and withdraw Bitcoin as the company prepares to launch its daily and monthly Bitcoin futures contracts on September 23. The New York-based exchange is widely expected to spark a wave of institutional investment in Bitcoin as the regulated company leverages its deep Wall Street ties and allows big money to seamlessly buy, sell, store and spend digital assets.

In August, after a year-long effort, Bakkt successfully won the required regulatory approvals. The company acquired a New York state trust charter through the New York State Department of Financial Services (NYDFS), opening the door for its Bitcoin futures contracts.

In a blog post following the NYDFS approval, Bakkt CEO Kelly Loefler indicated why she expects Bakkt to become a big player with a major impact in the cryptosphere.

“With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will custody bitcoin for physically delivered futures. This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.”

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