Bakkt to Open Its Warehouse to Customers’ Bitcoin on September

Bakkt will launch its warehouse to clients’ bitcoin on September 6 in expectation of its approaching futures contract offerings; the firm revealed August 28.

The Intercontinental Exchange-backed bitcoin futures provider stated in a tweet that it would start offering clients secure storage for bitcoin to get ready for the launch of its daily and monthly futures contracts on September 23.

Bakkt revealed it had secured the last of its necessary regulatory approvals to go live earlier this month, more than a year after initially revealing its plan to offer clients a controlled, physically-settled bitcoin futures product – efficiently, bets on bitcoin’s cost at some future date.

While Bakkt’s launch had been deferred by regulatory holdups numerous times, it presently plans to start providing customer access to the first physically-settled futures contracts within the U.S. next month.

Unlike cash-settled futures contracts, like what CME offers, customers receive the genuine bitcoin they bet on when a contract lapses, instead of the fiat equivalent.

The firm will provide clients access to a margined daily product, seeing its value suggestion as providing dealers a regulated option to existing spot markets.

Bakkt CEO Kelly Loeffler earlier said that its daily contract “is designed to provide a margined instrument,” adding: 

“So when you think about transacting on the futures exchange you’re operating within a [federally] regulated exchange.”