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Bakkt to enable deposits for the custody of Bitcoins {BTC} from next week

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Bakkt will open its bitcoin custody service to its clients on September 6, in anticipation of the imminent launch of its futures contract offerings, the company announced on Wednesday.

In a tweet, the Bitcoin futures provider backed by Intercontinental Exchange said it would begin offering customers secure storage for bitcoin, “to prepare for the launch” of their daily and monthly futures contracts on 23 September.

Bakkt announced that it had obtained the last of the regulatory approvals needed to start earlier this month, more than a year after the first submission of its plan to offer its customers a regulated and liquidated bitcoin futures product physically, it is effectively a bet on the price of bitcoin at some future date.

While bakkt’s launch was delayed several times by regulatory delays, it now plans to begin offering customers access to the first physical settlement futures contracts in the United States by the end of next month.

Unlike cash-settled futures contracts, such as CME, customers receive the actual bitcoin they bet on when a contract expires, rather than the fiduciary equivalent.

The company will offer customers access to a marginalized daily product, as its value proposition offers traders a regulated alternative to existing spot markets.

Bakkt CEO Kelly Loeffler previously told CoinDesk that his daily contract “is designed to provide a marginalized instrument,” adding: “So when you think about transacting in the futures market, you are trading within a market regulated [at the federal level].”

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