Intercontinental Exchange’s Bitcoin futures platform Bakkt has clarified its choice of BTC to begin its initial futures contracts, arguing the first and foremost cryptocurrency’s recognition as a commodity and derivatives regulation by the CFTC make it a suitable candidate.
Intercontinental Exchange (ICE) — a Fortune 500 company based in Atlanta, Georgia that owns and operates 12 different regulated exchanges and marketplaces, including the New York Stock Exchange and Bakkt — recently took the opportunity to clarify its choice, in an attempt to break the silence between now and the physically-backed BTC futures Jan 24 release.
According to a recent tweet by Bakkt, Bitcoin was chosen as its first futures contract because of its large market capitalization — currently sitting at $78 million, or just over half of the total cryptocurrency market supply — and that its recognition as a commodity and regulated derivatives were key considerations in its choice.
The clarification comes just a day after Bakkt announced its Bitcoin Futures platform would be delayed from its initial date of Dec 13, 2018, until Jan19, 2019, due to needing more time to prepare the platform for a smooth trading experience upon launch. What are your thoughts on Bakkt’s physically-backed Bitcoin futures contracts? Will they help the market recover from what is widely considered one of the worst crashes in Bitcoin’s history, or will they make matters worse? Let us know your thoughts in the comments below!We've been asked why we're starting with bitcoin. Here's why:
— Bakkt (@Bakkt) November 21, 2018
Bitcoin today accounts for over half of total crypto market capitalization and has been deemed to be a commodity, and its derivatives are regulated in the US by the CFTC… (1/2)
Top crypto projects in the US | April 2024
Trusted
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Daniel Phillips
After obtaining a Masters degree in Regenerative Medicine, Daniel pivoted to the frontier field of blockchain technology, where he began to absorb anything and everything he could on the subject. Daniel has been bullish on Bitcoin since before it was cool, and continues to be so despite any evidence to the contrary. Nowadays, Daniel works in the blockchain space full time, as both a copywriter and blockchain marketer.
After obtaining a Masters degree in Regenerative Medicine, Daniel pivoted to the frontier field of blockchain technology, where he began to absorb anything and everything he could on the subject. Daniel has been bullish on Bitcoin since before it was cool, and continues to be so despite any evidence to the contrary. Nowadays, Daniel works in the blockchain space full time, as both a copywriter and blockchain marketer.
READ FULL BIO
Sponsored
Sponsored