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Bakkt is set to begin testing its bitcoin futures contracts in July

Celia Wan
Bakkt has brought on a former Google consultant as it inches closer to releasing a product.Chris Peterson, formerly a UX consultant for Google, joined cryptocurrency venture Bakkt earlier this month as the firm works on rolling-out a mobile application for a digital asset wallet, dubbed Bakkt Pay, according to a person familiar with the situation.The post Bakkt brings on Google UX expert as it builds its consumer app for spending cryptocurrency appeared first on The Block.

Bakkt, the much-anticipated crypto exchange, announced Monday that it'll begin testing its futures contracts tied to bitcoin this summer, according to a company Medium post

The firm is collaborating with its affiliated company, Intercontinental Exchange (ICE) as its exchange and clearing partner. Bakkt CEO Kelly Loeffler did not say exactly when the products would trade, but added they will begin testing them in July.

In addition, the ICE backed exchange will commit $35 million to cover the default risk of its trading members. Loeffler said that "this puts our own 'skin in the game' and aligns our interests for market integrity and safety with market participants."

Bakkt has been trying to get the regulatory green-light from the U.S. Commodity Futures Trading Commission (CFTC) to operate its exchange since last year. It also recently acquired custodian company DACC in an attempt to build its own custody and win NYDFS approval.  ICE states in its Futures U.S. filing that bitcoins connected with the futures contracts will be stored in Bakkt Warehouse, the custody that Bakkt is seeking NYDFS for. 

The company currently plans to launch two futures products: a daily settlement bitcoin future that allows customers to trade in a same-day market, and a monthly-futures contract that "will enable trading in the front month and across the forward pricing curve."

In a good faith effort to comply with regulations, the company stated in the blog post that its futures products will also be CFTC-regulated. 

This article has been updated to include the two futures products that Bakkt intends to offer.