The Atlanta based crypto trading platform Bakkt will start user testing of its much-awaited Bitcoin futures trading platform ‘Moonshot’ on Monday. The project is aimed at institutional investors and could prove to be the major booster for market growth.
Bakkt is a subsidiary of Intercontinental Exchange, the company which owns the New York Stock Exchange. Bitcoin futures from Bakkt have been delayed for a long time before finally seeing the day, despite the huge anticipation from the market. In a Medium post last month, Bakkt COO and former Coinbase exec, Adam White had stated,
“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.”
Bakkt will list and facilitate the trade of its Bitcoin Futures on the ICE Futures US and ICE Clear US. As per reports, Bakkt wants to offer regulated Bitcoin futures contracts in and plans to build a secure global infrastructure for trading crypto assets. Bakkt has also applied for a trust license which would make it a ‘custodian with $100 million insurance coverage’.
Futures trading is one of the most important and demanded product in investment markets, and hence, Bitcoin futures are also expected to be a game-changer for the crypto industry. Futures trading will lure institutional investors in the market, which are essential for growth.
Another major global trading network, the CME group recorded its all-time Bitcoin Futures high of $1.76 billion, which indicates the market potential for Bakkt’s new product. Binance CEO, Changpeng Zhao had recently stated that if the market has to grow, large scale institutional adoption of Bitcoin and crypto is a must, which can soon be a reality due to Bakkt and similar companies focusing on them.