Last night, Bakkt announced the launch date of its custodial service and Bitcoin futures. In a blog postThe company has confirmed that the New York State Department of Financial Services has given approval to the project and that Bakkt is now preparing for a full launch on September 23rd.
According to Bakkt CEO KellyLoeffler, Bitcoin futures will include both daily and monthly futures contracts. These contracts will be executed through Bakkt Warehouse, which will be responsible for storing Bitcoin. The company said it is committed to providing users with legal support and security along with a regulated, globally accessible marketplace exchange.
Loffler noted that the digital asset marketquite developed, but not yet structured to serve institutional investors due to uncertainty of regulation, market quality, lack of liquidity, reliability and risks. She noted that perhaps Bakkt will be able to solve these problems with the help of the services provided by the service:
We start by introducing regulated andsecure, qualified custodial service to support our futures contracts. Custodian Bakkt, which is part of the Bakkt Trust Company, is built with cyber and physical security protections that support the world's most actively traded markets, including the NYSE. In addition, the requirements of independent management and the suitability of a qualified custodian mean that Bakkt's custodial service is designed to the highest standards of oversight.
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”.