The company will announce in a blog post on June 13 that the agency's cryptocurrency platform, Bakkt, will begin testing the physical delivery of its first bitcoin (BTC) futures on July 22.
Since the first announcement in August 2018, Bakkt has experienced several delays in violating regulatory requirements, making futures supply the first in a series of products, all of which are unclear.
Two days after the 50th anniversary of the birth of Apollo 11, Bakkt will begin a user acceptance test of Bitcoin futures listed and traded in ICE futures in the US and liquidate it at ICEClearUS. Chief Operating Officer Adam White wrote in a blog post:
This is not a small step. This version will bring new standards to the encryption market. Compared to other markets, institutional participation in encryption is still limited by market infrastructure and regulatory certainty.
White compared this with the first landing in 1969, echoing the obstacles the company must overcome in order to provide institutional investors with the fully regulated cryptocurrency products they want.
The statement was released in the same week as data showed that the Chicago Mercantile Exchange Group's bitcoin futures hit a record high in May.
At the same time, the chief Bitcoin Futures Provider (CBOE) will stop issuing contracts when it reaches a final contract later this month.
Unlike traditional platforms, Bakkt will settle contracts in physical bitcoin instead of legal tender.