The cryptoexchange has been cooperating with the CFTC to make sure its business plan is in compliance with the regulatory framework of the said agency. There are some areas sticking out that will become the exceptions for the cryptoexchange to keep user’s BTC assets, cybersecurity problems that might crop up and the financial liability that might arise in case of a cyberattack. As soon as CFTC becomes ready to give the project a green light, there will be a month period for the public opinion to weigh in on the matter.
Bakkt was created by the Intercontinental Exchange, which is the parent firm of NYSE, to function as the regulated cryptotrading network for digital currencies, where retail and institutional financiers have the ability to finance regulatory-compliant products in the United States. The first product of Bakkt is a futures contract that is designed to improve the liquidity of the world’s most popular digital asset, Bitcoin.
The Contract was anticipated to receive its implementation on Dec 12 prior to rescheduling for Jan 24 of the upcoming year. Back then, the chief executive of Bakk, Kelly Loeffler mentioned the interest and the work that was needed to be done in order to piece everything together as explanations of the said reschedule.
The new Bakkt BTC USD Daily Futures Contract will become listed for trading by the ICE Futures US, Inc. on Jan 24 of the next year. A fresh listing timeframe will give more time for the user and clearing member onboarding prior to the beginning of trading activities and warehousing of the new contract.
Being treated as a game changer for the digital currency space, the futures of Bakkt are anticipated to reward the network for its intensive cooperation with Wall Street. Bakkt will offer physical delivery of BTC to financiers of the futures contract on Bakkt, therefore affecting the supply and value of BTC currency.