Digital asset exchange and ecosystem Bakkt is nearing complete launch.
Bakkt, part of the Intercontinental Exchange (ICE) – a group that also owns the New York Stock Exchange (NYSE), received the necessary regulatory approvals earlier this year.
Bakkt proves a compliant platform that expects to serve both institutions and consumers.
Big-name corporations are engaged with Bakkt. Starbucks, an equity holder in the project, expects to be the first merchant account on the platform and will accept crypto payments via a card at the companies many outlets. Additional merchants are expected to follow the lead of Starbucks.
Bakkt is also partnering with Microsoft and the Boston Consulting Group to develop the platform.
In a series of tweets this week, Bakkt provided an update on platform progress as complete launch nears – scheduled for September 23, 2019. Bakkt will commence by offering two Bitcoin futures. Bakkt is not the first exchange to offer BTC futures but it will be the first to provide physical settlement which means that traders may directly hold the cryptocurrency.
Bakkt noted that its warehouse platform is now open and it is now accepting Bitcoin deposits and withdrawals from customers. Custody will be held by the Bakkt Trust Company which received approval from the New York State Department of Financial Services in August.
The Bakkt Warehouse opens today
It is regulated by the New York State Department of Financial Services (NYDFS) as a Limited Purpose Trust Company, providing customers with a Qualified Custodian of bitcoin
— Bakkt (@Bakkt) September 6, 2019
Bakkt Warehouse custody is live.
Now accepting customer bitcoin deposits and withdrawals. Only 17 days until the Bakkt Daily and Monthly Futures contracts launch on Sep 23.
— Bakkt (@Bakkt) September 6, 2019
Crypto industry advocates see the launch of Bakkt as further validation of the sector in general. By providing a compliant exchange to process digital asset trading, as well as storing the assets, crypto should gain in popular awareness.