Following the launch of Bakkt’s Bitcoin (BTC) futures, the company listed three reasons why the event is an important milestone for the industry.
In a statement on Sept. 23, Bakkt CEO Kelly Loeffler emphasized that the successful launch of Bakkt Bitcoin Futures contracts is the first time when United States-regulated physically-settled Bitcoin futures became available.
Loeffler pointed out that the sole fact that such a product now exists may matter more than the precise details of the initiative.
Loeffler: Regulated markets accelerate the adoption of digital assets
Stressing that the launch of the service is an important step to bringing trusted infrastructure to digital assets, Bakkt CEO outlined the mission of the company as “expanding access to the global economy by building trust in and unlocking the value of digital assets.”
Loeffler further listed three reasons why the product matters. These include:
Reliable and regulated infrastructure;
Adoption of new digital currency-powered technology and financial instruments;
The rapid expansion of innovative methods for managing and transferring digital value.
“With operations, cybersecurity and controls, along with end-to-end-regulation demanded by investors and consumers, confidence in using digital currency — not just to invest, but to also use in transacting — will grow,” the CEO explained.
“These are the concepts upon which we are building Bakkt. We’re starting with the basics: instilling trust through regulation and secure custody, and deploying products that are transparent and regulated to support their adoption.”
As reported, Bakkt’s physically delivered Bitcoin futures trading went live for trading on the Intercontinental Exchange (ICE) on Sept. 22 at 8 PM EST (00:00 UTC Sept. 23). Following the launch, the volume is starting to pick up with some traders comparing the platform’s launch to Bitcoin futures launched by the Chicago Mercantile Exchange in December 2017.
At press time, 29 bitcoins has been traded on the ICE’s Bakkt Bitcoin futures platform, with a last recorded trading price accounting for $9,992.