The first products of Bakkt's cryptocurrency platform will become bitcoin futures. They will trade in three fiat currencies.
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.
— Bakkt (@Bakkt) September 25, 2018
There, the bitcoin futures will trade against dollars, euros and British pounds.
Now, the platform Bakkt is preparing for its launch, which is expected in November. The site will allow customers, including institutional investors, to buy, sell and store cryptocurrencies. Bakkt ecosystem will include approved by regulators cryptocurrency exchanges, custodian services and applications for users.
The creation of the platform, as it became known in August, involved major players in the financial market: the operator of the New York Stock Exchange Intercontinental Exchange and the BCG company, Microsoft and Starbucks. Following this statement, some news appeared saying Starbucks would accept cryptocurrency as a payment, but the company denied the message.
Later, in September, the project participants reported plans to launch a guarantee fund in order to avoid default.
WHY IS IT IMPORTANT?
- The model, which Bakkt is going to execute, still causes concerns among market participants. A week ago, a group of developers and traditional financial companies sent a letter to the SEC. They ask to control the launch of the platform and its approach to cryptocurrencies, and also to impose restrictions on the use of traditional practices in the project. According to the letter’s authors, it is necessary to take into account the peculiarities of digital assets, so as not to damage the technology itself.
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