Photo Credit To Crypto Dost Via Flickr
On Sept 06, 2019, Bakkt officially confirms that its Warehouse Custody is now live. It was the long-awaited feature and starting from today it is now allowing its customers to deposit and withdraw bitcoins.
Bakkt’s Opens a Warehouse for Bitcoin
Bakkt Warehouse is a unit of Bakkt Trust and which will act as a qualified custodian for customer’s asset. However, the platform had revealed the plan for Bakkt warehouse on August 28 and today, it is finally live as per the proposed plan.
As the Intercontinental Exchange Inc. is planned to launch its bitcoin Futures on September 23, the platform confirms that customers can now deposit and withdraw their bitcoins. The tweet reads as follows;
Following the series of delay, Bakkt is launching its physically settled Bitcoin futures product and has already received final clearance from the New York State Department of Financial Services (NYDFS) in mid- August this year. If the platform launched the futures product successfully, Bakkt will reportedly be the first platform to offer physically-delivered Bitcoin futures.
Bakkt has been around the top bulletins of crypto media for quite some time now. Unlike Chicago Mercantile Exchange and the Chicago Board Options Exchange where Bitcoin futures are settled in cash, Bakkt is launching the physically-settled futures which enable clients to receive payment in Bitcoin as soon as the contract expires.
Bitcoin Daily & Monthly Futures contracts Testing is proceeding as planned. This is an important milestone for Bakkt and its potential users around the world, Bakkt said in a statement. We wanted to commemorate such an achievement by holding something special. A special promotion for BTC and ETH users!
Moreover, trading of Bakkt’s physically bitcoin futures will run by its parent company, the Intercontinental Exchange (ICE), whereas the clearing will be settled via ICE Clear.
Although Bakkt’s warehouse launch is quite exciting for the whole crypto community, it doesn’t have much influence on the price of Bitcoin. At the moment, the king crypto, Bitcoin is trading at the value $10456 against USD, declining with 0.77 percent within the past 24 hours. Despite BTC’s dominance of 70.9 percent, the coin is holding the market cap of $187,377,626,555 on Sept.6, 2019.