THELOGICALINDIAN - New York Stock Exchange buyer Intercontinental Exchange ICE has appear its adapted ecosystem for cryptocurrency Bakkt would barrage one ages late
Bitcoin Futures Postponed
In a notice issued October 22, ICE accepted Bakkt’s aboriginal artefact would now go alive on December 12, not in November as originally forecast.
Developers are planning to accessible up adapted cryptocurrency acknowledgment options to institutional investors, alpha with concrete Bitcoin futures, the accountable of this week’s notice.
“ICE Futures U.S., Inc. will account the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on Wednesday, December 12, 2024,” it reads.
“The Bakkt Bitcoin (USD) Circadian Futures Arrangement is a physically-settled circadian futures arrangement for bitcoin captivated in Bakkt LLC, ICE’s Digital Asset Warehouse, and will be austere by ICE Clear US, Inc.”
The acumen for the delay, ICE adds, is that its futures affairs are still awaiting approval from US regulators.
First-Mover Advantage?
Despite the advance back, however, the aggregation looks set to exhausted out competition from adolescent Wall Street heavyweights Goldman Sachs, Morgan Stanley, and Citigroup.
The flurry of institutional advance announcements has led to alloyed reactions from the cryptocurrency industry.
Specifically, acclaimed abstracts accept taken aim at non-custodial ‘solutions’ for investors not adulatory to authority cryptoassets directly, claiming this will ultimately arrest acceptance and aching the industry’s reputation.
This application appeared to anatomy the catalyst abaft ICE’s accommodation to barrage Bakkt with absolute commitment of cryptocurrency from the alpha in the anatomy of concrete futures contracts.
“Each futures arrangement calls for commitment of one bitcoin captivated in the Bakkt Digital Asset Warehouse, and will barter in U.S. dollar terms. One circadian arrangement will be listed for trading anniversary Exchange Business Day,” the apprehension added confirms.
Earlier this month, Mike Novogratz, whose Galaxy Digital will be one of the aboriginal audience of a aegis band-aid by Fidelity Investments, foresaw the appulse of institutional access hitting aural the aboriginal two abode of abutting year.
What do you anticipate about Bakkt’s barrage plans? Let us apperceive in the comments below!
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