As the previous digital asset platform Bakkt chief operating officer Adam White revealed in his blog, today, Bakkt is preparing to officially launch the Bitcoin futures user acceptance test.
It is understood that this test involves only a few "testers", so it is unlikely to affect the price of Bitcoin itself. However, after the test is successful, “real trading” will appear, and some investors may speculate that the market is going to speculate and enter the market ahead of time.
According to Bakkt official announcement: Bakkt is expected to be officially launched in the third quarter of this year.
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Bakkt is good, institutional entry catalyst
Backed by the Intercontinental Exchange ICE, plus the first round of financing, it raised more than 180 million US dollars from 12 investment partners including Microsoft and Naspers. Many people are full of illusions about Bakkt and Seen as a signal for the institution to enter.
For Bakkt, it is also full of its own “institutional attraction effect”.
“We believe that Bakkt can be a huge catalyst for organizations to participate in the encryption market.”
On July 18, at the launch of the Bitcoin Settlement Futures held by the board of directors of the New York Stock Exchange (NYSE), Sam Doctor of Fundstrat Data Science Research said.
As the Bakkt Institutional Digital Assets Summit organized by the New York Stock Exchange, the significance of the conference is far from the past.
It is understood that more than 150 investors and institutional service providers participated in the conference. In addition to Bakkt CEO Kelly Loeffler, ICE Executive Vice President Betty Liu and Bakkt Chief Operating Officer Adam White, Commodity Futures Trading Commission CFTC Commissioner Dawn DeBerry Stump, BlockTower Capital Chief Information Officer Ari Paul and Pantelal Capital Management CEO Dan Morehead Also attended this meeting.
In this meeting, Bakkt said that the Bitcoin futures user acceptance test will be officially launched on July 22, and Bakkt will be fully launched at the end of this quarter.
Bakkt's speech ignited the enthusiasm of the participants. Dan Pantera, one of the earliest Bitcoin and cryptocurrency investors, said at the Bakkt Institutional Digital Assets Summit: "We are sitting in the boardroom of the New York Stock Exchange – this is the first time for Bitcoin."
CFTC Commissioner Dawn DeBerry Stump said the current cryptocurrency will not threaten financial stability. It believes that the public's demand for bitcoin futures is still growing.
Ari Paul also said that "there is confidence in digital currency." He said that once a killer application can make cryptocurrency transactions more secure and easy to use like PayPal, it will lead to large-scale personal applications. Paul also said that institutions should not ignore cryptographic assets because they have a low correlation with traditional assets, with a compound annual growth rate of 200%-300%.
Agency recognition, regulatory green light
As a regulatory, bitcoin physical settlement of futures contracts, coupled with ICE as the backing of the second largest futures exchange in the United States, the launch of Bakkt is seen by many as the beginning of the full recognition of traditional institutions and rapid entry into the digital currency field.
Some analysts said that Bakkt attracts investors. On the one hand, it is the compliance of ICE and a group of top investment institutions, and on the other hand, it is the physical delivery property. It said that physical delivery means that the real BTC must be used when closing and closing, which not only prevents the Air Force from arbitrarily shorting the BTC, but also reduces the volatility of the BTC brought by the large funds.
In addition, another factor in attracting institutions is that Bakkt brings new industry standards, and for them, the emergence of Bakkt will create a more liquid, fair and efficient market for crypto assets. (For details, please refer to "Bakkt test will be online, see how "bull engine" subverts the standard")
According to a report by Sam Doctor on the Bakkt Institutional Digital Assets Summit , there appears to be “a large number of adopters” (such as brokers, market makers, proprietary trading departments and liquidity) from the first day of the Bakkt platform launch. Provider) ready to participate.
In addition to the recognition of the organization, the regulatory problems that Bakkt faced in the past seem to be solved.
For the new action of Bakkt, Trustnodes commented that after a long process of several months, Bakkt is currently advancing the testing of Bitcoin futures. Bakkt has been approved by the US Commodity Futures Trading Commission (CFTC) through self-certification, and after a long period of negotiations, the old rules and regulations have been adjusted.
It is understood that Bakkt's own futures contract has passed self-certification, but the company is waiting for the New York Financial Services Department (NYFS) to license its hosting plan.
In this regard, some insiders said, "A few weeks ago, LedgerX and ErisX have successively obtained the license granted by the US CFTC. The two companies can launch futures products with the support of the regulatory authorities, and Bakkt is not far away."
Not just bitcoin, but also Ethereum
It is worth mentioning that in addition to this bitcoin futures contract, Ethereum as the second largest cryptocurrency on the market may also be welcoming the release of CFTC.
At the Bakkt summit, Chris Burniske, a partner at Placeholder Ventures, said: “When asked about other cryptographic assets, CFTC commissioner Dawn Stump mentioned that the agency was recently asking for information about Ethereum, he said. The regulated bitcoin futures are just the beginning.'"
In fact, this is not the first time the CFTC has offered to release Ethereum.
As early as May this year, CFTC officials said that the agency is willing to approve an Ethereum futures contract (provided the contract meets all conditions).
However, the person also said that the CFTC will only respond to specific applications submitted to the regulatory body and will not take the initiative to provide comments. (This is somewhat similar to the concept of self-certification in the "Commodity Futures Modern Act" promulgated by the United States in 2000. That is, an application submitted by an exchange can trade a new contract product on the second day after the application is submitted, as long as it does not violate any rules. This application also has some implications for the CFTC review criteria.
The official also said, “If a derivatives exchange finds us, say, 'We want to launch this special product.'… If they come to us with a special derivative that meets our requirements, I think we It is very likely that (allowing) it to self-certify."
It is understood that the official's statement is that CFTC is currently the most striking and detailed attitude towards the Ethereum futures contract. If you go back further, you can see that at the end of 2018, the CFTC has issued a "Input Request (RFI)" for Ethereum on whether to launch an Ethereum contract.
At the time, according to the CFTC official website, the RFI listed a list of up to 25 issues, including technology, opportunities, risks, mechanisms and markets.
In this RIF, CFTC especially hopes to compare Ethereum with Bitcoin and conduct a comprehensive survey on Ethereum in terms of security, market management and supervision. (For details, please refer to "Ethereum: In the face of efforts to change, what is "release"?"
Now, as CFTC officials reaffirm the Ethereum futures contract in public, some media believe that Ethereum will soon become the new favorite of futures contracts after Bitcoin.
With the long-awaited launch of Bakkt, many people believe that the release of Bakkt may become a major driving force for market growth. And whether people's expectations for the past six months can be realized, it depends on the attitude of the market to meet the pride of the sky.
Original: Sharing Finance Neo
Source: Sharing Finance