On August 16, Bakkt official blog announced that Bakkt has been approved by the New York State Department of Financial Services (NYDFS), which also means that Bakkt can provide physical settlement of bitcoin futures contracts to its US users. Bakkt plans to launch the bitcoin futures contract on September 23. Bakkt is a subsidiary of the Intercontinental Exchange (ICE). Since its launch in August last year, Bakkt has been seeking regulatory approval and is attempting to provide physical settlement of bitcoin futures products to US users. It is understood that Bakkt will intend to offer two kinds of contracts: daily contract and monthly contract. Bakkt CEO Kelly Loefler wrote in his blog today: "Our contract has been approved by the CFTC through the self-certification process, and user acceptance testing has begun. Now we have also received the New York State Financial Services Authority (New York). Approved by the State Department of Financial Services, we will establish Bakkt Trust, a compliant custodian. Bakkt Warehouse will host bitcoin for physical delivery futures."