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Start of user acceptance test for Bakkt Bitcoin (BTC) futures

Bakkt, the parent company of the New York Stock Exchange (NYSE), provides a virtual currency-related platform founded by ICE on July 22, 2019. Now we’re going to start testing the acceptance of bitcoin (BTC) futures trading.

Bakkt, a futures market that mainly targets consumers and institutional investors, has been struggling to negotiate with regulators over sanctions since its inception at the end of 18, and the test finally begins after a twist and turn. There is a lot of attention to how it will affect the cryptocurrency market.

To conduct user acceptance tests for a limited number of participants

Adam White, Bakkt’s chief operating officer, said through his blog that the road to the bitcoin futures market was not easy.

“It’s never been a small step. The start-up is a pioneer in the new standards for access to the cryptocurrency market. Compared to other markets, institutional investors’ entry into cryptocurrencies has been constrained by limits such as market infrastructure and regulatory certainty. As a result, compared to globally credited markets such as ICE’s Brent crude futures trading, the results were poor due to trading volume, liquidity, and price transparency.”

User acceptance testing is limited to the number of testers participating, but the market is interested in how this affects bitcoin prices. The official launch of acceptance testing means that Bakkt has finally complied with the necessary rules and regulations from the U.S. Securities and Exchange Commission (SEC) and has cleared all concerns.

Bitcoin futures will start trading in full swing by the end of the year.

There is a little direct impact on bitcoin pricing, not to mention user acceptance testing because it literally doesn’t go beyond beta testing and has limited testing recipients. However, if the test is successful, it is almost certain that sooner or later the actual transaction will start, and some investors will be able to participate and speculate on the deal as soon as possible. This won’t lead to a big price increase any time soon, but it’s possible to shake up the status quo.

Bakkt has repeatedly postponed the deadline. This test means bakkt is making great strides and entering the final phase of the development of new financial instruments. Common sense may be able to finish the test in a few weeks and be able to get into business by the end of the year with bitcoin futures trading.

Restrictions tailored to Bakkt, including Facebook’s libra issue, are a challenge

However, some experts express concern about the U.S. government’s handling of regulatory issues. It relates to Facebook announcing its own virtual currency Libra issue plan. All governments in the world, including central banks, have once again expressed a strong interest in Bitcoin and altcoin in general.

Amid the various debates, libra has become a more troublesome issue than Bitcoin. At this stage, it is not clear what rules or regulatory actions will be taken on this issue. By the time Bakkt succeeds in testing and finally decides to start trading bitcoin futures, it is unlikely that the U.S. government will create regulatory measures to prohibit transactions, including Bakkt’s products.

Bakkt’s attempt has been described as a “grand gamble (like the moon launch), but the test, which begins two days after the 50th anniversary of the Apollo landing (July 20), was carried out in line with regulations, including futures storage measures. Adam White emphasizes that it will be a spectacular attempt to challenge the limits that have curbed the full-scale entry of institutional investors.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.