A party with “direct knowledge” from Bakkt reportedly told tech outlet The Block it could get the regulatory green light next week for its BTC futures.
The Intercontinental Exchange’s (ICE) Bakkt cryptocurrency platform could get approval to launch its physically-delivered Bitcoin (BTC) futures product from U.S. regulators next week, an unconfirmed anonymous source told tech outlet The Block Thursday, Oct. 25.
Bakkt, which seeks to create a “regulated ecosystem” for institutional investors looking to gain exposure to cryptocurrency, had previously confirmed it planned to launch its futures product Dec. 12.
Should regulators give the project the green light, ICE’s Bakkt will begin launching its Bitcoin (USD) Daily Futures Contract for clients as soon as the first week of next month, according to an unnamed source “with direct knowledge of the situation,” The Block says.
The unnamed source also told the publication that Chicago trading shop DV Trading will trade Bakkt’s product.
Concerns that non-custodial options will ultimately detract from the industry’s credibility have surfaced from cryptocurrency figures in particular, with crypto enthusiast Andreas Antonopoulos warning over the impact of regulators approving Bitcoin exchange-traded funds (ETF) in the future.
Non-physical Bitcoin futures first launched from CBOE and CME Group in December 2017. Poor returns have combined with volatility in markets close to settlement dates, sparking debate among analysts.