Bakkt has introduced that the Bakkt Warehouse, its certified custodian arm, is now open for trade.
The corporate has up to now introduced that the warehouse is safe via $125 million in insurance coverage and leverages the similar protections which might be utilized by the New York Inventory Change (NYSE). The Intercontinental Change (ICE) serves as a mother or father corporate for each Bakkt and the NYSE.
Within the announcement, posted on September nine, 2019, the cryptocurrency buying and selling platform famous the function that the warehouse will play in its soon-to-be-launched bodily settled bitcoin futures product.
“It represents a milestone as we get ready for the release of the Bakkt Bitcoin Day-to-day and Per 30 days Futures contracts on ICE Futures U.S.,” Adam White, COO of Bakkt, wrote within the announcement. “The Bakkt Warehouse used to be constructed the use of the similar institutional grade infrastructure, operational controls, and safety protections that beef up the sector’s maximum actively traded markets, together with the New York Inventory Change, and used to be designed to satisfy the best requirements of compliance and oversight.”
Numerous effort and time has been expended in getting the vital regulatory greenlight for Bakkt’s physically-delivered bitcoin futures merchandise and there was identical hype surrounding its release. Bakkt has introduced that its futures platform will cross survive September 23, 2019, after it features the vital approval to function as a custodian corporate from the New York State Division of Monetary Products and services.
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