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Bakkt’s bitcoin futures go live on ICE Futures U.S.

Mon, 23 Sep 2019, 06:26 am UTC

Bakkt, a subsidiary of the Intercontinental Exchange (ICE), has announced the launch of its much-awaited bitcoin futures contracts on ICE Futures U.S.

In a tweet, Bakkt said that the first Bakkt Bitcoin Futures trade was executed at 8:02 pm ET at a price of $10,115.

Bakkt’s bitcoin daily and monthly futures are now live on IFUS. They are physically settled, meaning that customers would receive actual bitcoin once the contract expires. In contrast, CME Group offers cash-settled futures contracts.

Bakkt Warehouse, which is operated by a limited purpose trust company regulated by the New York State Department of Financial Services (NYSDFS), allows for the safe, secure storage of bitcoin. It started accepting customer deposits and withdrawals on September 06.

According to the official website, Bakkt Warehouse is comprised of both hot (online) and cold (offline) digital asset storage. Ahead of the launch, Bakkt had revealed that the bitcoin deposited at its regulated custodian, Bakkt Warehouse, is protected by a $125 million insurance policy.

“This coverage will be reevaluated from time to time based on risks and updates to operational best practices. In addition, Bakkt is working with one of the largest custody banks in the world, BNY Mellon, as part of its safekeeping process,” Bakkt said.

Just recently, ICE announced tentative margin requirements for Bakkt Bitcoin Monthly and Daily futures trading contracts. According to a notice dated September 09, the initial hedge requirement for daily and monthly futures contracts is $3,900, while the speculative initial requirement for both contracts is $4,290.

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