The Intercontinental Exchange (ICE), owner of the New York Stock Exchange, has announced that its crypto platform Bakkt has completed the first delivery of Bitcoin Futures.
Bakkt tweeted out confirmation of the first Bitcoin contracts versus fiat currencies, including the US dollar, British pound and euro. It added that “for example, buying one USD/BTC futures contract will result in the daily delivery of one Bitcoin into the customer’s account”.
The Bakkt platform – a regulated ecosystem supported by the ICE – is designed for investors who are willing to bet on cryptocurrencies, while being allowed access to three different fiat currencies.
Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.
— Bakkt (@Bakkt) September 25, 2018
Not designed to leverage with BTC
Bakkt was not designed to offer customers margin trading or use leverage with Bitcoin. Its team decided to steer clear of any paper claims on real assets.
The Bitcoin futures platform has faced criticism for the fact that non-custodial trading of cryptocurrencies can negatively affect Bitcoin’s reputation going forward. Experts explain that Bakkt’s futures contracts are different from Bitcoin ETFs because these do not allow for BTCs to be delivered to investors.
It’s not clear whether Bakkt has received approval from the US Commodities and Futures Trading Commission. Although Bakkt exchange CEO Kelly Loeffler has suggested this is the case, with the platform scheduled for launch in November..