June 14, 2019, | AtoZ Markets - The digital asset platform's Bakkt partner Intercontinental Exchange (ICE) has revealed Bakkt Bitcoin futures contract specifications. As the media reports, Bakkt will initiate user acceptance testing for its Bitcoin futures on July 22.
Bakkt Bitcoin futures contract in a brief
The U.S. regulated and authorized Bakkt partner, Intercontinental Exchange (ICE), revealed details on Bakkt Bitcoin futures contract.
As ICE reports, the collaboration with Bakkt includes updated daily contract, which will enable customers to transact in a same-day market, and the monthly contract. Both contracts will have a minimum price fluctuation of $2.50 per bitcoin (with each contract containing one bitcoin).
As per ICE, trades may be executed at $0.01 per bitcoin, with a listing cycle that can last for as long as 12 months (for the monthly contract) or 70 consecutive eligible contract dates (for the daily contract).
Bakkt COO Adam White in his Medium post shared the benefits that institutions would expect when they trade with Bakkt Bitcoin futures. The list includes:
- block trades;
- a fee holiday through the end of the year;
- market maker incentive programs to encourage liquid markets;
- integrations with ISVs and regulated brokerage platforms.
As White reported, price formation in every Bakkt Bitcoin futures contract will be supported by professional tools to detect abusive or disruptive trading practices, including wash trades.
Bakkt Bitcoin futures to be tested 2 days after Apollo 11’s anniversary
In May 2019, Bakkt CEO Kelly Loeffler in her Medium post confirmed Bakkt Bitcoin futures contract listing on Intercontinental Exchange (ICE). Then Loeffler announced that federally regulated futures exchange ICE will act as Bakkt’s exchange and clearing partner.
Later, the Chairman, and CEO of Intercontinental Exchange, Jeff Sprecher, in his fourth quarter earnings conference call, called ICE and Bakkt collaboration “a bit of a moonshot bet.” Meaning that Bakkt is a very “down to earth” solution to the grounded challenge of building trust in bitcoin and other digital assets for institutions and consumers alike.
The “moonshot bet” is a popular term in business culture. The first time, this definition was used by the U.S.President John F. Kennedy marking the first human landing on the Moon on July 20, 1969.
As Bakkt COO Adam White confirmed, the digital asset platform will initiate user acceptance testing for its bitcoin futures on July 22, two days after Apollo 11’s mission which landed the first two humans on the Moon.
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