Bakkt Clients Can Start Warehouse Deposits on Sept. 6

Bakkt Clients Can Start Warehouse Deposits on Sept. 6
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Bakkt clients will be able to start depositing their funds in the Bakkt Warehouse for physically delivered Bitcoin (BTCfutures starting Sept. 6.

Bakkt to debut futures trading on Sept. 23

On Aug. 28, the much-anticipated crypto trading platform Bakkt announced on Twitter that its qualified custodian, Bakkt Warehouse, will begin offering storage of customer’s Bitcoin in early September.

Storage will start weeks before the scheduled launch of its platform for daily and monthly crypto futures in the United States on Sept. 23. The platform will enable physical delivery of Bitcoin with end-to-end regulated markets and custody.

The Bakkt Warehouse, a part of Bakkt Trust Company, was developed using the same cyber and physical security protections as New York Stock Exchange, which is also operated by Bakkt’s parent company Intercontinental Exchange.

Bakkt’s physically delivered futures have been the subject of much anticipation from the crypto community as the company faced multiple delays in launching the platform due to compliance issues.

Physically-delivered Bitcoin futures

A physically-delivered Bitcoin futures contract is a type of a contract where customers are given the actual cryptocurrency instead of a cash payment once the contract expires.

The fact that Bitcoin futures are physically settled on Bakkt, means that the party will receive delivery of a Bitcoin from Bakkt Warehouse when the contract expires. In contrast, futures contracts at the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange are cash-settled and based off the price of Bitcoin at cryptocurrency exchanges.

Earlier today, Cointelegraph reported that CME’s Bitcoin futures hit a new lifetime record by netting an average daily volume of $515 million in May 2019.

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