Opinions

Bakkt Will Consider Adding New Digital Currencies

Bakkt has been proposing golden hopes to the crypto world. People find it as much more promising perspective than any other project or company. Consequently, the open, secure, transparent and seamless platform has successfully, on some levels, substituted the game changer exchange-traded fund (ETF). Recently, Bakkt responded to the curiosities of the people while addressing the future plans of adding digital currencies.

The company announced that the future induction of different digital currencies is not predetermined and would be, rather, decided on the time of the decision in the future. The decision will be taken by realizing the needs and the wants of the customers through customers’ feedback. Apart from highlighting that customer feedback will be taken into account before deciding, Bakkt also stated that the landscape of the crypto market will also be detrimental to the decision of adding new currencies.

Bakkt was bombarded with the questions and queries about other digital currencies because the company had disclosed in the past that it will be starting off with the bitcoin only. Bakkt stated the reason behind choosing bitcoin. Firstly, bitcoin holds the majority of the crypto market cap i.e more than half of the total market capitalization. It is considered as a commodity and CTFC in the U.S regulates its derivatives. Secondly, bitcoin’s demand and profile make it a liquid product which allows future contracts to be built. Therefore, this clarifies the preference of bitcoin over all other currencies.

The CEO of Bakkt, Kelly Loeffler shared the target date, 24 January 2019, for the launch of Bakkt. She explained that in the startup phase, opportunities from the collaborators were looked forward to in order to offer a substantial number of features of the users. She also disclosed the very first feature and recommended disclosure of more in the future. She told that Bakkt had insurance for bitcoin in cold storage and was paving its way to provide insurance for the warm wallet within the Bakkt Warehouse architecture.

As time passes, more features will be disclosed to unleash more optimism among the people who hold high hopes for Bakkt and are waiting for its launch for long. The possibility of adding more digital currency is so far a cherishable news for many.

 

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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