Bakkt – the highly-anticipated Bitcoin (BTC) futures platform developed by the Intercontinental Exchange (ICE) – has been set to move its BTC futures delivery features to the testing phase.
Reported via a Twitter update on July 22, an array of organizations and individuals, from all over the globe, will take part in the testing process for user acceptance Bitcoin daily and monthly futures, starting July 23.
Bakkt has previously introduced the testing phase for the futures in June, as its COO Adam White claimed, “On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its Bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.”
White further notified that by rolling out Bitcoin futures, institutional participation in cryptocurrency markets will be rapidly inclining.
Bakkt’s Bitcoin futures will be distributed through a process dubbed “warehousing”, which will be friendly in terms of pricing, but will raise some concerns from the regulators’ side.
The launch of the platform has undergone a couple of delays, since regulators, such as the US Commodity Futures Trading Commission, put the platform through an examination, regarding its compliance procedures and potential impact on the market.
“There appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch, with the sales team gaining traction among brokers, market makers, prop trading desks and liquidity providers.”