On August 03, the Intercontinental Exchange (ICE), a well-renowned operator of exchanges across the globe, announced that it is going establish a new company named “Bakkt” with focus on developing a global ecosystem for digital currencies. Bakkt is intended to utilize the cloud solutions presented by Microsoft in order to establish a secure, open and regulated global ecosystem for cryptocurrencies across the world. The platform will enable consumers and institutions across the globe to buy, sell, store and spend digital currencies in a protected and secure ecosystem available on a global network.
While some experts suggest that Bakkt will be beneficial for digital currencies across the financial world, some experts believe that Bakkt will be even more beneficial to the cryptocurrencies than an exchange-traded fund. David Gokhshtein, an entrepreneur, influencer and a crypto passionate, is one of latter mentioned party.
Upon inquiry by BlockPublisher regarding an ETF helping bitcoin, David stated that:
It would, but not like bakkt.
This remark from David suggest that Bakkt is going to help the prevalence of digital currencies across the world and different institutions with more effectiveness than an ETF.
The applications of digital currencies can certainly not be denied and a platform like Bakkt, which brings the digital currencies within the reach of general public and consumers for usage, will certainly help the digital assets in making their place in the global financial spectrum.
Regarding Bakkt, the Chairman and Chief Executive Officer of Intercontinental Exchange, Jeffrey C. Sprecher stated that:
In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets,
With Bakkt, the convenience provided to the consumers regarding the usage of digital currencies will increase exponentially. Consumers will be able to buy, sell, store and spend cryptocurrencies within a trusted, efficient and commercial ecosystem with much ease. Merchants across the world will also be able to utilize digital currencies for their own benefits. As a result of this secure and transparent ecosystem, the acceptance of cryptocurrencies, including bitcoin, will increase on a global scale.
It is stated in the official announcement that:
Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility. We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.
So, according to some experts, Bakkt is going to be more valuable to the digital currency world as it will expand the usage of digial assets across the globe.
All in all, as compared to an exchange-traded fund, Bakkt might just prove to be more beneficial for digital currency world than a much demanded ETF.