Bakkt confirms September launch date after getting green light from regulators

Quick Take

  • Bakkt says it will launch its physically-delivered bitcoin futures product in September – months after its initial planned deadline
  • The upcoming exchange has received a trust charter from New York regulators, meaning it will be a qualified custodian and can store the bitcoin underpinning its futures contract

Bakkt has announced it will debut its long-awaited bitcoin futures and warehouse product to institutional clients on September 23, a welcomed update after the firm announced a series of delays last year.

Bakkt, a venture that's backed by Intercontinental Exchange (ICE), began testing its bitcoin futures contracts in July but until now has been unable to fully launch because of the final roadblock of getting a trust license from the New York Department of Financial Services (NYDFS).

This license will allow it to compliantly build its own custody solution for the futures contracts, dubbed the Bakkt Warehouse. For good measure, Bakkt also decided to seek regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC). [related id="1"] 

"Our contracts have already received the green light from the CFTC through the self-certification process and user acceptance testing has begun. With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will custody bitcoin for physically delivered futures," Bakkt CEO Kelly Loeffler announced in a Medium post Friday.

As reported by