Bang or Bust for Traders
As of 8 PM EST on Sept. 22 (00:00 UTC Sept. 23), Bakkt’s much-anticipated BTC futures exchange has launched. The platform is the first of its kind to receive permission from United States regulators and is a product of ICE, the administrator of the New York Stock Exchange.
While news of Bakkt’s launch and aim to facilitate BTC futures trading broke over a year ago, the platform itself has seen numerous setbacks to regulatory concerns. On Aug. 16 of this year, Bakkt advertised that the company had secured support from the U.S. Commodity Futures Trading Commission (CFTC) and had scheduled today as the first day of trading.
What’s the Dealio?
Bakkt’s physically settled futures contracts let clients get Bitcoin rather than its equal value to fiat currency once the contract expires. Unlike Chicago Mercantile Exchange and the Chicago Board Options Exchange currently, offer to trade of Bitcoin futures, these trades are cash-settled.
Bigger News Today
Bakkt’s platform has announced that they would also be adding the once-popular cryptocurrency LINDA aka MRX to their futures platform. The announcement was a shock to the crypto world and Twitter went wild with the news. Here are some quotes from popular Twitter influencers.