Soon to launch Bakkt exchange eyes New York’s for Crypto Custody

Bakkt has been waiting for a license for five months now.

ICE is viewing the license by the NYDFS as a way to kick-start operations.

The latest report says that Intercontinental Exchange (ICE), a New York-based Stock Exchange is considering getting a New York license following the delay of Bakkt cryptocurrency exchange launch. Bakkt has been waiting for a license for five months now and the wait does not seem to be coming to an end.

The exchange is said to be negotiating with the Commodity Futures Trading Commission (CFTC) in order to secure an approval to offer custody services for Bitcoin while it waits for the soon to launch physical futures contracts. According to a report by Bloomberg, ICE is viewing the license by the New York Department of Financial Services (NYDFS) as a way to kick-start operations.

ICE is hoping that a state license will help convince the CFTC to allow it to issue physical futures by self-certification in turn bypass the requirements of the regulatory authority that asks for customer funds go through a bank or trust company. Although the New York state license will help ICE start operations, it will not be able to offer services on a wider range.

 

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.