Cryptocurrency News

Bakkt to debut its bitcoin futures on September 23rd, received a trust charter from the NYDFS

Finally, Bakkt has got its trust charter from the New York State Department of Financial Services (NYDFS) and will debut its bitcoin futures and warehouse product to institutional clients on September 23rd.

In a blog post Friday, Bakkt CEO Kelly Loefler wrote, “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,” she said. “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.”

She also added, “Uniquely, Bakkt bitcoin futures contracts will not rely upon unregulated spot markets for settlement prices, thus serving as a transparent price discovery mechanism for the benchmark price for bitcoin. The importance of this differentiator is only amplified by reports of significant manipulative spot market activity, and other concerns such as inconsistent anti-money-laundering policies and weak compliance controls.”

The price of Bitcoin also jumps 3.16% soon after the Bakkt news came and it’s currently trading at $10,383 (at press time)

Share
Published by
Tags: BakktBitcoin

Recent Posts

Tomarket App – A Guide to $TOMATO Airdrop, Farming and Web 3.0 Drop Event

Tomarket, Telegram's mini-app hits 20+ million all-time users and 8.8+ million daily active users. Tomarket…

2 months ago

Binance Lists Decentralized and Open L1 Blockchain Toncoin (TON) on its Platform

Cryptocurrency exchange Binance, today announces the listing of Toncoin on its platform. Toncoin is a…

3 months ago

iGaming Platform BC.GAME Signs $40 Million Deal to Become Principal Partner of Leicester City

The iGaming platform BC.GAME has signed a landmark $40 million deal to become the "Official…

4 months ago

Coinbase faces new lawsuit that claims SOL, MATIC, NEAR, MANA, ALGO, UNI, XTZ and XLM are securities

Coinbase crypto exchange and its CEO, Brian Armstrong, faces a new lawsuit that claims Solana,…

6 months ago

Service Beyond Gaming: The Support Experience at HugeWin

In the world of online gambling, the quality of customer service can make or break…

7 months ago

Bitcoin (BTC) Cycle: Aiming for $155,000 Peak by August 2025

Since its launch in 2009 Bitcoin has experienced several cycles characterized by bull and bear…

7 months ago

This website uses cookies.