Bakkt plans to launch a compliant bitcoin futures contract in July

The BlockreportsBakkt, the highly anticipated cryptographic exchange, announced today that it will launch a bitcoin futures contract that complies with federal regulations.

The company is working with its parent company, intercontinental exchange (ICE), as its exchange and clearing partner. Kelly Loeffler, CEO of Bakkt, also wrote in a blog post that they are testing the acceptability of launching bitcoin futures contracts and escrow in July. In addition, Mr Bakkt has pledged to set aside $35m to cover the risk of default.

Bakkt had been trying to get regulatory clearance from the commodity futures trading commission so they could run exchanges. The company also recently acquired hosting company DACC in an attempt to establish its own hosting business, which was approved by NYDFS. ICE said in its us futures filing that bitcoins related to futures contracts would be stored in the Bakkt Warehouse.

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