The launch of the Bakkt cryptocurrency platform, the first products of which should be Bitcoin futures contracts with physical delivery of the asset, will take place no earlier than January 24, 2019. This was announced by the platform operator Intercontinental Exchange (ICE), CoinDesk reports.
Earlier, ICE said that the launch of this cryptocurrency-oriented platform for large investors will take place on December 12, 2018, but now this date has been rescheduled.
ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on trade date Thursday, January 24, 2019, subject to regulatory approval. The new listing timeframe will provide additional time for customer and clearing member onboarding prior to the start of trading and warehousing of the new contract.
ICE Future Exchange
It is possible that the delay is associated with obtaining the necessary permits from the regulators. Earlier, ICE reported that it would receive such approval in early November.
Given the volume of interest in Bakkt and work required to get all of the pieces in place, we will now be targeting January 24, 2019 for our launch to ensure that our participants are ready to trade on Day 1. As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So it makes sense to adjust our timeline as we work with the industry toward launch.
As reported, Bakkt previously announced it was working with BCG, Microsoft and Starbuck