Bakkt Warehouse Open September 6th ahead of Bitcoin Futures Launch

After more than a year since releasing details of a Bitcoin (BTC) futures contract, Bakkt are finally set proceedings September 6th 2019.

The news was released in a tweet from the firm Aug 28th, stating: ‘On Sept 6, our Warehouse will begin offering secure storage of customer bitcoin to prepare for the launch of Bakkt Bitcoin Daily & Monthly Futures when they launch on Sept 23.’

Bakkt will provide a 17 day soak period between the opening of the Bitcoin warehouse and the official launch on the 23rd. Unlike previously launched futures contracts like Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE), Bakkt’s contracts are settled in physical Bitcoin upon contract expiry instead of cash.

The Bakkt Warehouse is a bi product of the Bakkt Trust Company, which was developed using the same cyber and physical protection as the New York Stock Exchange (NYSE). Bakkt is owned by parent company, fortune 500 firm, Intercontinental Exchange.

Recently Bakkt has hosted events in both New York and Chicago where over 150 customers and regulators took part in discussions to further knowledge of the industry. In attendance was CFTC Commissioner, Dawn Stump and SEC Commissioner, Hester Peirce.

The financial giant has put great emphasis on security and compliance in its approach to the Bitcoins futures market. In a recent blog by Bakkt’s CEO, Kelly Loeffler these points were highlighted. ‘Providing a trusted ecosystem is our first objective. To do that we are setting a higher standard, including an institutional compliance and anti-money laundering program, settlement prices that are distinct from unregulated spot prices, comprehensive market oversight, a guaranty fund contribution and insurance.’

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