Yesterday the Intercontinental Exchange (ICE) revealed the delay of the launch of their bitcoin futures trading platform. The announcement states that Bakkt’s product will be postponed until the 24th of January 2019. If there is no further delay announced, both trading and warehouse operations will begin on the 24th.
Speculation instantly arose after the delay was announced. Many experts believe that the delay is tied with Bakkts’s worry over the growing crypto market crash.
Kelly Loeffler, Bakkt’s CEO stated that the company is experiencing a huge rise of interest. This will unfortunately, lead to much additional work guaranteeing that the interest is not misplaced and all preparations go smooth. She refused to comment whether or not the delay was related to the current state of the crypto market.
Loeffler further elaborated that due to crypto being an entirely new asset class, there are a lot of additional processes and risks, which need to be tested.According to her, shifting the launch back makes perfect sense since adjusting to the industry changes is extremely important.
The delay is not too long, but that is subject to change
The previously announced launch date was the 12th of December. The new date is still not set in stone however, as it is still subject to regulatory approval.
The previous announcements of the platform stated that it will launch physically-settled bitcoin futures. This means clients would be receiving bitcoins when their contracts expire rather than the token’s cash equivalent.
Tuesday’s announcement hinted that there might be more offered to the customers than just bitcoin futures. Loeffler stated that the company is taking opportunities in the start-up phase to expand their offering.
The goal is of course, to build an institutional-grade crypto warehouse. Loeffler believes that this step is paramount to the future development of this unique asset class.
Bakkt also announced it’s working with Microsoft, BCG and Starbucks. The companies provided valuable assistance in customer experience and risk management.
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