Backt's BTC futures test date determined

Progress has been made in the "bitcoin futures trading" that is being launched by Bakkt, a subsidiary of the "Intercontinental Exchange", which is attracting worldwide attention.

CryptoCurrency Trading Platform "Bakkt" announced that it will launch a user acceptance test for bitcoin futures trading on July 22, 2019.

The company emphasizes that the date is "two days after the 50th anniversary of the Apollo 11 landing on the moon".

The word "moon shot bet" with the meaning of "a grand potential with great potential" was spoken at the time, said Jeff Sprecher, chairman and CEO of Bakkt's parent company "Intercontinental Exchange". It was taken up in the fourth quarter earnings briefing conference call, saying that ICE's investment in Bakkt was "moon shot bet".

This is taken up again in this presentation, explaining that careful testing is necessary for Bakkt's grand challenge.

Since Bakkt has been working to provide services based on regulations since its first announcement in August 2018, the launch of this test is significantly delayed from the initial schedule.

However, with careful preparation, Bakkt's services are expected to be more robust and reliable.

The company offers bitcoin futures transactions, which are different from conventional ones, as “bitcoin futures for spot and forward payment”.

In addition, the company's test products are classified into two types, daily and monthly liquidation, and it is also reported that it helps to set the price by using tools to prevent the wash trade that increases the volume by ordering selling and buying at the same time.

The price fluctuation of cryptocurrency due to this announcement has not been seen so far, but the fact that Bakkt's bitcoin futures trading is progressing well can be said to be very positive news for the cryptocurrency industry .

The price of Bitcoin has risen since the announcement.

Bakkt has often postponed the schedule since it announced in August last year that it would start futures.

It is a topic that this progress is good news, as it is expected to be a news that attracts institutional investors.

However, the schedule after the test is still unknown.

Bakkt's bitcoin futures are cash deliveries.

Therefore, it is reported that the CFTC has shown reluctance over how to store Bitcoin.

I just hope that this project will progress smoothly from this test!

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