With the advancement of technology and innovation of new techniques, the banking sector has seen a dramatic change in its working and evolvement.
Bakkt, a cryptocurrency payment, and futures trading platform has announced the launch of its long-awaited project, the Bakkt Warehouse. Bakkt Warehouse will serve as a regulated custodian and part of the Bakkt Trust Company and will foster secure and safe bitcoin storage.
About The Bakkt Warehouse
The pedagogy of the Bakkt Warehouse is framed in accordance with the institutional-grade infrastructure, operational controls, and security protocols which are employed in the world’s most reputed trading platforms, namely the New York Stock Exchange. It promises to comply with the highest order of standards and oversight.
Bakkt Group introduced Bakkt Warehouse as a significant step which will serve as the base for the launch of the Bakkt Bitcoin Daily and Monthly Futures contracts on ICE Futures U.S.
Adam White, Bakkt COO, through his online post, conveyed that:
“The launch of the Bakkt Warehouse, our regulated custodian and part of Bakkt Trust Company, allows for the safe, secure storage of bitcoin. It represents a milestone as we prepare for the launch of the Bakkt Bitcoin Daily and Monthly Futures contracts on ICE Futures U.S.”
The Warehouse initiated the acceptance of customer deposits and withdrawals from September 6, 2019. The firm is gearing up for the launch of the physically-delivered Bakkt Bitcoin Futures contracts on September 23. Post this achievement; the company is planning to create the first fully regulated marketplace which will cater to the requirements of the institutional firms and clients.
Bakkt Warehouse runs as a Limited Purpose Trust Company under the regulatory measures of the New York State Department of Financial Services (NYDFS).
In April, Bakkt made headlines when it revealed that it is working in collaboration with BNY Mellon to facilitate geographically-distributed storage of private keys secured by the bank.
The ICE Futures U.S filing with the Commodity Futures Trading Commission (CFTC) read:
“The contracts will be physically settled, such that the selling Clearing Member would be required at settlement to deliver to the buying Clearing Member a specified quantity of Bitcoin.”