Cryptocurrencies have not yet gained much attention in the public owing to lack of trust and opportunities regarding the usage of these. There aren’t many platforms available that provide people and different industries a secure fabric of operation to carry out their activities in crypto. But there is a platform coming up that has grabbed the attention of not only the consumers but large organizations as well, Bakkt.
Just recently, the platform raised $182.5 million from 12 partners and investors. Heavy names such as Pantera Capital, Boston Consulting Group, Galaxy Digital, Goldfinch Partners etc. were involved in this funding. But why is this funding raise so significant? Here’s why.
Bakkt is a company being launched by Intercontinental Exchange (ICE), which is an operator of the global exchanges. Bakkt has seen support for companies like BCG, Microsoft, Starbucks etc. It essentially aims at providing the consumers and merchants of the world with an open, secure and global ecosystem to carry out their activities. Within this ecosystem, the consumers will be able to buy, sell, store and spend cryptocurrencies in a safe environment.
Now most importantly, this platform is likely to bring institutions into the game of digital assets. Merchants and institutions from across the globe can gain huge benefits from this framework. Bakkt is already trying to collaborate with popular companies like Starbucks in order to expand its reach in the consumer market. Institutions, merchants and consumers, all lie in the focus of this platform.
This is likely to increase the general adoption of cryptos among the public which has relatively been on the lower side owing to the lack of opportunities in the real world where people can use cryptos to carry out their operations. The platform also aims at establishing a certain level of trust among the people regarding cryptocurrencies which is currently not there. The issues linked with cryptos such as volatility, manipulation, custody, liquidity etc. do not make cryptos that attractive in the eyes of the public as currencies. Currently, cryptos are also largely used by people to gain profits in fiat. With platforms like Bakkt, the opportunities to use cryptos for making payments will likely help this nascent world of cryptos grow and mature.
Previously talking to BlockPublisher, David Gokhshtein stated:
The game changes with Bakkt in the picture.
Edited on: 2:57 PM PKT 2/11/2019