Intercontinental Exchange is delaying the launch for its trading platform which is supposed to support Bitcoin Futures. A company post revealed that Bakkt’s first product which was unveiled in August has now been postponed to Jan. 24, 2019. Trading and warehouse operations have also been delayed to the later date.
The platform explained that “the new listing timeframe will provide additional time for the customer and clearing member onboarding prior to the start of trading and warehousing of the new contract.”
In an announcement on Medium, Bakkt CEO Kelly Loeffler expanded on this statement, saying that the “volume of interest” in the company and the “work required to get all the pieces in place” contributed to the delay.
“As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So, it makes sense to adjust our timeline as we work with the industry toward launch.”
Bakkt had previously issued a notice that set their launch date to next month Dec. 12. However, the new date is still subject to approval. The platform previously revealed it would launch physically-settled bitcoin futures, meaning clients would receive bitcoin upon the expiration of their contracts, rather than the token’s cash equivalent.
However, the company may offer more than just bitcoin futures, Loeffler hinted Tuesday. Later in her post, she noted that “we are taking opportunities in our start-up phase to expand our offering.”
“We’ll share more about some of these new features in the coming weeks but as a start, I’m pleased to announce that we have insurance for bitcoin in cold storage and are in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture,” she said.