The bitcoin (BTC) futures platform Bakkt will start testing bitcoin futures on July 22. During these tests, the infrastructure of the products is tested to ensure that everything is in order before the final launch. Bakkt writes COO Adam White in a blog post on Medium.
In the article, White makes several times the comparison with the launch of moon missions in the past. These were very high-risk missions where many things could go wrong. White writes:
However, determining bitcoin prices, such as a lunar mission, requires diligent testing before launch. On July 22, two days after the 50th anniversary of Apollo 11, Bakkt will conduct user acceptance tests for its bitcoin futures that are listed and traded on ICE Futures US and cleared by ICE Clear US.
According to White, the launch of bitcoin futures will set a new standard for entering the cryptocurrency markets. It is mainly institutional investors who are still staying away from this market, but that can change with Bakkt’s bitcoin futures. White explains:
This is no small step. This launch will introduce a new standard for access to crypto markets. Compared to other markets, institutional participation in crypto remains limited due to limitations such as market infrastructure and legal certainty. This results in lower trading volumes, liquidity and price transparency than more established markets such as ICE’s Brent Crude futures contract, which has gained worldwide confidence in setting the world crude oil price.