Bakkt deposits and withdrawals launched! Bakkt deposits and withdrawals for cryptocurrencies has launched via Bakkt Warehouse, the qualified custodian of the crypto trading platform.
The company tweeted earlier today announcing that Bakkt Warehouse is open for deposits and withdrawals.
Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23
The availability of physical delivery brings more flexibility in managing bitcoin exposure
— Bakkt (@Bakkt) September 6, 2019
According to a Bloomberg report, Bakkt will be the first platform to offer physically-delivered Bitcoin futures if launched successfully. This is in stark contrast to the existing cash-settled Bitcoin futures offered by the CME and the CBOE. These futures will ensure that settlement is paid via Bitcoin once the futures contract expires.
Trades are expected to take place on a futures platform run by Bakkt’s parent company, the Intercontinental Exchange (ICE), while clearing will be settled through ICE Clear.
Bakkt Trust Company is also expected to receive a charter from the New York State Department of Financial Services to hold clients’ crypto funds in August 2019. Bakkt Warehouse will be moving Bitcoin from short positions to long positions at expiration – this will lead to the actual delivery of Bitcoin.
Bitcoin is inching closer to the $11,000 mark. What do you think? Will you be using Bakkt? Let us know on our Facebook page!