As most of you probably know already, on 3 August 2018, Intercontinental Exchange (ICE), "a leading operator of global exchanges, clearing houses, data and listings services", announced that it was starting a new company called Bakkt that would be "working with a marquee group of organizations including BCG, Microsoft, Starbucks, and others, to create an integrated platform that enables consumers and institutions to buy, sell, store and spend digital assets on a seamless global network".
The launch of the Bakkt futures exchange is seen as a major push for Bitcoin, that soon after the Bakkt news jumped to above $7400.
ICE states in its Futures U.S. filing that bitcoins connected with the futures contracts will be stored in Bakkt Warehouse, the custody that Bakkt is seeking NYDFS for.
Bakkt, the much-anticipated crypto exchange, announced Monday that it'll begin testing its futures contracts tied to bitcoin this summer, according to a company Medium post. Besides that, the executive also outlines that the upcoming bitcoin futures contracts offer "unique trading, security, and risk management features". The first allows customers to " transact in a same-day market" while the second "will enable trading in the front month and across the forward pricing curve".
Moreover, the price formation for these contracts will be supported by "proven tools" which are supposedly geared to detect abusive and disruptive trading practices such as wash trading. Next to that, Bakkt will contribute $35 million into the clearinghouse risk waterfall.
Custody will be handled by a qualified custodian subject to regulatory approval, though the company plans to itself become a certified custodian for digital assets, now working with the New York State Department of Financial Services to obtain its license.