Bakkt’s platform for cryptocurrency trading intends to obtain permission from the U.S. Commodity Futures Trading Commission (CFTC) to launch deliverable physical bitcoin futures as early as next week, The Block reported today citing unnamed sources familiar with the situation.
Bakkt announced its intention to launch bitcoin futures, that can be bought for dollars, British pounds, and euros, in September. Company management has often met with the CFTC representatives in the recent weeks to get approval for their product. The startup expects to receive permission from the regulator by the first week of November, the media writes.
Earlier this week ICE announced that Bakkt will be officially launched on December 12.
According to The Block’s sources, Chicago-based company DV Trading will use the new trading platform. Also, the possibility of futures trading at Bakkt is considered by the investment bank Goldman Sachs.
Bitcoin futures allow traders to bet on the future price of a coin or to hedge their positions on the underlying bitcoin market.
The Bakkt site has been established in early August by the American financial company Intercontinental Exchange (ICE), which is managed by one of the world's largest stock exchanges – the New York Stock Exchange (NYSE). Microsoft, Starbucks, BCG, and other large companies are also involved in the project.
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