Bakkt has announced more details of its Bitcoin futures contracts, which was due for launch on the 25 January but suspended until a later date pending regulatory approval.
The Intercontinental Exchange platform will be offering physically delivered daily futures contracts in BTC/USD using the exchange’s own electronic trading platform following the launch later this quarter.
The new post from Intercontinental Exchange has listed more details. The trading screen product name for the futures offered will be “Bakkt BTC (USD) Daily Future” and 1BTC in size. Its price will be set in US dollars up to two decimal places. The minimum price fluctuation is expected to be around USD 2.50 per contract, reducing to 1c per bitcoin on block trades of 10 BTC or more. There is no upper limit planned on daily prices with exchange and clearing fees of 50c per side of a trade. A limit of 100,000 lots in any one contract date will be enforced.
The Bakkt Bitcoin Futures will trade on Eastern Prevailing Time between 20:00 and 18:00, with a pre-open at 19:55. Daily settlements will be scheduled between 16:58 and 17:00 each day. Delivery of the futures contracts will be overseen by a custody solution named Bakkt Warehouse.
Bakkt’s platform is now waiting for approval from the Commodities Futures Trading Commission (CFTC) and once this final regulatory step is given a green light, it appears that Bakkt will be ready for the opening as all the operational procedures have already been finalized and published for traders and investors.
It is thought that Bakkt’s entry into the cryptocurrency market with an open platform for all manner of cryptocurrency services, including trading and warehousing could be another carrot for institutional investors, and consequently trigger a Bitcoin recovery in 2019.
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