Bakkt, the popular cryptocurrency custody platform, has just gone live with its highly-anticipated Bitcoin futures platform. As we learned via a tweet, the Bitcoin trading price was just over $10,000 as of launch.
Bitcoin futures trading with Bakkt
The first Bakkt Bitcoin Futures trade was executed at 8:02pm ET at a price of $10,115
— Bakkt (@Bakkt) September 23, 2019
Bakkt has been trying to launch its futures platform for more than a year, but regulators kept giving the platform a hard time. This is somewhat understandable, considering that Bitcoin and other cryptocurrencies are incredibly volatile assets and regulators need to protect traditional, uninformed investors from that. And this isn’t to mention the fact that there are tons of scams and fake coins surrounding the cryptocurrency trading experience as well. That’s not even mentioning how inaccessible the experience can be.
However, thanks to Bakkt, investors both educated in crypto and not have a more accessible way of getting into the digital asset. What’s especially notable is this: while the Chicago Mercantile Exchange and Cboe have already had the ability for investors to trade Bitcoin futures, none of these are settled in actual digital assets. Instead, they’re settled in fiat currency. Bakkt’s, however, are genuinely settled in Bitcoin, which brings quite the amount of legitimacy to the asset.
As of now, Bakkt will offer both monthly and daily Bitcoin futures trading. That and investors can store their assets in the platform’s warehouse for safe custody. Bakkt also insures the platform for up to $125 million.