Last night, Bakkt announced the launch date of the custodial service and Bitcoin futures. In a blog post the company has confirmed that the New York State Department of Financial Services has approved the project and Bakkt is now preparing for the full launch, which is due on September 23.
According to Bakkt CEO KellyLoffler, Bitcoin futures will include both daily and monthly futures contracts. These contracts will be concluded through Bakkt Warehouse, which will be responsible for the storage of Bitcoin. The company announced its readiness to provide users with legal support and security along with a regulated, globally accessible exchange in the market.
Loeffler noted that the digital asset marketsufficiently developed, but not yet structured to serve institutional investors due to unclear regulation, market quality, lack of liquidity, reliability and risks. She noted that perhaps Bakkt will be able to solve these problems using the services provided by the service:
We start by introducing adjustable andSafe qualified custodial service to support our futures contracts. Custodian Custodian, which is part of the Bakkt Trust, is built using cyber and physical security features that support the world's most actively traded markets, including the NYSE. In addition, independent management requirements and qualified custodian compliance mean that the Bakkt custodian service is designed to meet the highest standards of supervision.
She also reiterated the company's intention.establish “higher standards” for the industry, including “a program to comply with institutional standards and the fight against money laundering, estimated prices other than unregulated spot prices, comprehensive market surveillance, a contribution to the guarantee fund and insurance”.