Nov 20, 2018 19:32 UTC
Nov 21, 2018 at 11:27 UTC
Bakkt Bitcoin Futures Launch Pushed Back to January 2019
The world will have to wait till January 2019 for the Bitcoin Futures to be launched by Intercontinental Exchange’s Bakkt Platform. As Kelly Loeffler, the CEO of Bakkt Platform who takes the lead in explaining details about the platform, announced on a blog post on the blogging site Medium, that the delay was motivated by the need to ensure the company did justice to the “massive volume of interest” the prospective launch had attracted. She also mentioned that the Bitcoin futures trading platform wished to make sure everything was absolutely in order before unveiling their product in front of the world.
The said product had been announced in August this year and was expected to be launched for use by the end of this year but now that is clearly not happening. What is heartening is the fact that the crypto enthusiasts won’t be kept waiting for too long as the date for the formal launch has now been fixed at 24th January, 2019. The users will be able to make use of trading options from the same day, it is expected. The warehouse operations are also due to be kick-started simultaneously. The platform is convinced that this extra time will allow both clients and clearing members to enjoy a smooth onboarding experience before trading begins using the new platform. Even though many have wondered if Bitcoin futures have caused the decline of Bitcoin, a large number of prospective users have been eagerly waiting for this launch.
Loeffler emphasized that the delay was hardly unusual as most new product launches involve multiple evaluations of how to make it work effectively. She said that the reconsidered timeframe was meant to allow for the company to make sure that the product was developing in tandem with the needs of the crypto market. The launch date has only been pushed back about by just a month and a half as the original launch date had been 12th December, 2018. However, enthusiasts must take note of the fact that the updated timeline is yet to be green-lighted by regulators, as per what was apparent from the CEO’s Medium post.
The platform was earlier considering Bitcoin futures that were only capable of being settled physically (which means that users would be given actual Bitcoin holdings rather than the equivalent amount in fiat once the contracts expired). Now, however, it seems that the company is considering fresh features to expand the functionality of their product. As they say, good things come to those who wait. We can only hope that is true for those who have been looking forward to the Bakkt Bitcoin futures as well!