Crypto Co. Gets NY Regulator's OK To Launch Bitcoin Futures

Law360 (August 16, 2019, 7:39 PM EDT) -- Cryptocurrency infrastructure company Bakkt announced Friday that it received approval from the New York Department of Financial Services to custody bitcoin, paving the way for it to launch its bitcoin futures marketplace on Sept. 23.

Affiliated with Intercontinental Exchange, Bakkt’s bitcoin futures contracts will trade on ICE Futures U.S. and will be cleared through ICE Clear U.S. The DFS charter provided to Bakkt under New York’s Banking Law gives it a limited liability trust company designation and allows it to “provide custody services,” according to DFS.

How to effectively custody digital currency, generally the act of safeguarding the assets, has been...

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