The Bitcoin futures platform Bakkt says its crypto custody warehouse is protected by a $125 million insurance policy.
Bakkt, which is owned by Intercontinental Exchange (ICE), created the warehouse to ensure it could legally hold Bitcoin on behalf of its customers and offer physically-settled BTC futures in the US.
The company gained regulatory approval for its custody services from the New York Department of Financial Services last month.
The Bakkt Warehouse is active for futures
Bitcoin deposited at our Warehouse is protected by a $125 million insurance policy
— Bakkt (@Bakkt) September 9, 2019
Bakkt’s Bitcoin Futures (Finally) Ready for Launch
Bakkt’s Bitcoin futures will be exchange-traded on ICE Futures U.S. and cleared through ICE Clear U.S., both of which are federally regulated by the U.S. Commodities Futures Trading Commission.
Bakkt initially aimed to launch in December of 2018, but hit a myriad of regulatory issues in its attempt to launch a futures product that pays in Bitcoin instead of cash.
After overcoming the hurdles, Bakkt says it’s now fully ready to launch its futures platform on September 23rd.