It was announced in a tweet on Wednesday morning that the long-awaited crypto startup platform, Bakkt would be managing custody of its customer's Bitcoin on September 6th, next Friday.

In Preparation

According to the tweet, this custody solution is being released to enthusiasts two weeks out from the activation of Bakkt’s Bitcoin Daily and monthly futures contracts on the 23rd September.

Bakkt said this on the 28th of August:

“On Sept 6, our Warehouse will begin offering secure storage of customer bitcoin to prepare for the launch of Bakkt Bitcoin Daily & Monthly Futures when they launch on Sept 23

These contracts will enable physical delivery of bitcoin with end-to-end regulated markets and custody’.

The bitcoin will be kept safe in the Bakkt trust company which is a regulated custodian that will be one of Wall Street’s first Bitcoin custodians.

This all comes not long after the platform announced that it was given the “greenlight from the CFTC through the self-certification process and user acceptance testing has begun.”

The CEO of Bakkt, Kelly Loeffler wrote in a blog post:

“This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.”

Previous reports emerged in that Bakkt is expected to be an extremely bullish event in the crypto space.

Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

These new contracts will “will require the actual purchase of BTC”, which is a dramatic change from the model that the CME enlists which settles all dues in cash.

This would mean that when investors get involved with Bakkt’s market, they will be creating buying pressure in the underlying Bitcoin spot market.

It will be interesting to see how this situation with Bakkt plays out. For more news on this and other crypto updates, keep it with CryptoDaily!