Intercontinental Exchange has announced that its Bakkt platform will start trading Bitcoin futures on December 12 this year. Intercontinental Exchange (ICE) has announced that its Bakkt platform will start trading Bitcoin futures on December 12, 2018, according to a notice published online on October 22. The document further states that the futures will be physically settled (which means that these futures will be directly settled using actual Bitcoins instead of US dollars) and cleared by ICE Clear US Inc., adding,
Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse, and will trade in U.S. dollar terms.
One daily contract will be listed for trading each Exchange Business Day. To recall, Bakkt is a blockchain ecosystem that builds on Microsoft's cloud solutions, and which aims to provide cryptocurrency-related services, from a federally-regulated open market, a cryptocurrency storage option, merchant services, and other consumer applications. Working in partnership with industry giants, including Microsoft, Starbucks, and others, Bakkt is set to offer a portal to the storage, acquisition, and spending of digital assets.
Being the owner of the largest stock exchange in the world, the ICE could end up obtaining the SEC and CTFC approval it needs to operate Bakkt, since it already has extensive experience in financial matters. If successfully launched, Bakkt could draw numerous new Bitcoin funds and institutional investors into the Bitcoin market. Bakkt could greatly decrease transaction costs worldwide, disrupting a business that currently amounts to around $25 trillion a year in fees.
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