BTC Futures to be the First Bakkt's Products

As reported, November is a launch month for the new platform
26 September 2018   268

Bakkt announced that its first products will be futures with physical supply of bitcoins, which can be purchased for three fiat currencies: the US dollar, the British pound and the euro.

Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.

Bakkt at Twitter

The plans to launch the Bakkt platform, which will allow users and institutional investors to buy, sell and store digital assets in the global ecosystem, was announced in August this year. It is created by the operator of the New York Stock Exchange (NYSE) Intercontinental Exchange (ICE) in partnership with Microsoft, Starbucks and BCG.

As it was then reported, the Bakkt ecosystem will include federally regulated exchanges, custodian services, applications for merchants and users. Bitcoin, as the most liquid crypto currency, will be the first in the listing of the new platform and will be traded in pairs with fiat currencies.

Model, proposed Bakkt raises concerns among a number of representatives of the community. So, earlier this month the US Securities and Exchange Commission (SEC) received a letter, in which the department warned of the dangers of improper regulation of corporate implementation of bitcoin for the technology itself.

The launch of the Bakkt platform is expected in November.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   96

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.