Hopes are running high for Bakkt to transform cryptocurrency world.
Cryptocurrency community have been thwarted again and again by SEC on ETF proposals. None has been accepted so far. Disappointed, the community has turned towards Bakkt, the future go-to platform for various financial institutions and investors to trade cryptocurrency securely.
Could launch of Bakkt be the catalyst that the cryptocurrency community has been waiting for?
Bakkt is the brainchild of Intercontinental Exchange that operates 12 regulated exchanges and marketplaces with a market capitalization exceeding $20 trillion dollars.
Bakkt is aimed at providing an open, secure, transparent and global ecosystem for digital assets across the financial market.
Bakkt will working with a marquee group of organizations including BCG, Microsoft, Starbucks — all alpha companies. This takes the probability of high value play to the roof.
“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” Kelly Loeffler, CEO of Bakkt
The movement of Adam White from CoinBase to Bakkt also caused speculations that leaving the giant that hosts 25 million customers for a company that hasn’t launched yet is a big thing.
In his interview with Fortune, Adam told the world that the reason for joining Bakkt was that the currently existing trading sites don’t host enough opportunities for institutional investors.
“The interest in Bitcoin and other currencies started changing from retail to the institutional side. But the level of infrastructure of the existing trading sites often didn’t meet their expectations. That’s why they’re waiting on the sidelines.” Adam White
The sentiments look quite good but would it really work? We’ll have to wait till the launch. Fingers crossed.