Yesterday, Bakkt's deliverable futures platform announced that its Bitcoins were protected by a $ 125 million insurance policy. Now everything is ready for the long-awaited launch, the date of which has shifted by almost a year.
“Bakkt Warehouse is ready for futures. Bitcoin deposits in our custodian service are insured for $ 125 million, ”the report said.
The company began accepting deposits last Friday, September 6, in anticipation of the planned launch of its futures products on September 23.
The Bakkt team took a lot of time and titanic efforts to get all the necessary permissions for their future daily and monthly physically delivered Bitcoin futures.
From the moment approval was received, things were in full swing – deposits in his newly certified warehouse storage solution took place as planned.
News about the insurance policy covering customer deposits removes yet another barrier to institutional investors that Bakkt hopes to attract.
If the launch on September 23 is successful, it will be the first Bitcoin futures platform offering physical deliveries of the product, i.e., in fact, institutional investors will directly trade Bitcoin. The current Chicago Mercantile Exchange futures products are paid in cash, while Bakkt customers will receive payment in BTC after the expiration of the futures contract.