Bakkt Bitcoin Futures Around The Corner

The official launch of the Bakkt cryptocurrency platform will take place on December 12. Its first product will be the daily bitcoin futures with physical delivery of the asset. This information was confirmed by the New York Stock Exchange’s (NYSE) operator, Intercontinental Exchange (ICE). The report says that every futures contract that the buyer pays in dollars will provide the delivery of one bitcoin (Bitcoin).

Digital assets will be stored in a special ICE repository, and the contracts will be cleared by the company’s division – Clear US.

In late September, Bakkt talked about this platform. It was reported that its launch will take place in November, and trading in Bitcoin futures will go in pairs with three fiat currencies.

However, the new message speaks only about the dollar. The project partners are Microsoft, Starbucks, and BCG.

Bakkt partners with Starbucks so the users of the famous coffee shop’s mobile app will be able to pay for their drink with bitcoin converted to the U.S. dollar. A side note: Starbucks’ mobile app ecosystem is the largest in the U.S. with 23.4M users, taking over such giants as Apple Pay, Google Pay, and Samsung Pay.

At the end of September, it was reported that the model of the platform operation used by Bakkt raised some concerns among the crypto community members. They even sent an appeal to the Securities and Exchange Commission (SEC) with a request to check the product launch and the approach to digital assets, and impose restrictions on the use of traditional practices that do not harm cryptocurrency technology.

The Dogecoin creator Jackson Palmer has voiced his concerns saying that the start of ETFs will kill the decentralization standing behind the whole cryptocurrency idea.