BAKKT CEO Kelly Loeffler announced on the evening of 20 November that the company is postponing the launch of Bitcoin Futures until 24 January 2019. Loeffler justifies the step in a blog entry with necessary adjustments to the software infrastructure.
The introduction of new products is often accompanied by unexpected complications. The postponement of the launch of the BAKKT Bitcoin Daily Futures to the end of January 2019 is not unusual.
“As is often the case with product launches, new processes must be sufficiently tested. In the case of crypto, a new asset class, this is particularly true. Therefore, it makes sense to adjust our schedule”.
Kelly Loeffler said via medium. The aim is to deliver a functioning product “from day one”. In order for the company to be able to guarantee this, the postponement is necessary.
BAKKT is the crypto subsidiary of the Intercontinental Exchange (ICE). Among other things, the clearing company operates the New York Stock Exchange, the largest stock exchange in the world.
Learning from the mistakes of the ICOs
Another construction site is the implementation of regulatory requirements by the Commodity Futures Trading Commission (CFTC). BAKKT works closely with the CFTC to ensure that it meets all of the authority’s requirements when the product is launched. In this way, the trading platform aims to prevent subsequent disputes such as those of the SEC with US ICOs.
Bitcoin insured in cold storage
BAKKT will be the first platform on which investors can trade physically deposited Bitcoin futures. As we earlier reported, the original launch date was December 12, 2018.
However, the fact that the Exchange cannot meet this deadline is not the end of the world. This gives the company a little more time to test its product for susceptibility to errors and to implement important services such as deposit protection. Loeffler adds:
“We will tell you more about some of these new features in the coming weeks, but first of all I’m happy to tell you that we have an insurance policy for Bitcoin in Cold Storage […]”.
The scene attaches great importance to the launch of the first physically deposited Bitcoin futures. After all, regulated and insured crypto financial products could provide an inflow of institutional money into the crypto market.