Bakkt Gets the Green Light
The company made the announcement via a blog post written by Bakkt CEO, Kelly Loeffler. Loeffler explained that Bakkt’s contracts have already received the green light from the CFTC through the self-certification process and that user acceptance testing has begun.
“With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will custody bitcoin for physically delivered futures. This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure,” said Loeffler.
The Bitcoin markets remained sluggish to start the weekend, but surged significantly on Sunday. Bitcoin moved up to $10,400 and alt coins received a relief bounce. Most analysts interpret Bakkt’s launch as bullish for Bitcoin. It will offer a means for large, risk-averse institutions to buy and custody Bitcoin through an end to end regulated system.
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