Bakkt, the new crypto exchange venture backed by Intercontinental Exchange (ICE), the parent of the NYSE, has announced that is pushing back the launch of its Bitcoin (BTC) futures trading product from December 12 to January 24, 2019.
CEO Kelly Loeffler shares a launch date update and answers other frequently asked questions https://t.co/5JuR4IOmEA
— Bakkt (@Bakkt) November 20, 2018
“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,” states Loeffler in the announcement.
While this undoubtedly comes as a major disappointment for investors who pegged the Bakkt launch as a major catalyst to close out the year, Loeffler notes that the company is planning to take the additional time to further expand its offerings. For instance, she shared that they will now offer insurance for bitcoin in cold storage and are in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture.
The delay has put further pressure on the price of Bitcoin, which is currently down to $4,430. BTC’s market cap of $76.9 billion constitutes roughly 53% of the total crypto market and 56.1% of the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.