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Bakkt CEO Outlines Three Reasons Why it's a Big Deal

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September 24, 2019 | 

1242 Views | 

Darryn Pollock | 

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Bakkt has been one of the most anticipated releases in recent times with the platform been in the making for over a year, and finally launched at the beginning of this week. However, there has not been the same excitement and explosion in the market that many would have hoped for. 

Bakkt is an institutional platform that is a subsidiary of ICE, the intercontinental exchange, and is designed to help traditional investors enter the exciting cryptocurrency market through a highly regulated platform, beginning with futures contracts. 

Bitcoin futures have quickly become a firm favourite for institutional investors to enter the market, this comes after CME and CBOE in the US began their offering as far back as the end of 2017. Since that time they have gradually gained in popularity with the likes of CME announcing that they will be adding option, and looking to double monthly contracts for clients.

Bakkt is anticipated to be an even bigger bridge to the cryptocurrency market for traditional investors as not only does it use physical bitcoins for its contracts, it also offers a fully regulated platform. It’s opening was not a bad showing wither as 71 BTC were traded in the first day - a decent start, but surely the beginning of things to come. 

So, as Bakkt grows into its role, there has been much support for its potential from the likes of Tom Lee, who has said: “ “I am very positive on Bakkt and its ability to improve trust with institutions to crypto,” Lee Tweeted alongside a graph of Bitcoin’s recent small recovery in price ahead of the launch.

Backed by the CEO

From within, Bakkt’s own CEO,  Kelly Loeffler has emphasized that the sole fact that such a product now exists may matter more than the precise details of the initiative. Her point is that because this product is fully regulated in the US, there are bigger implications for adoption that will emanate from this. 

The CEO has outlined the mission of the company as: “expanding access to the global economy by building trust in and unlocking the value of digital assets.”

Loeffler also went on to list three key reasons why the product itself matters despite its success, or the amount of coins that are traded.

Reliable and regulated infrastructure is key, according to Loeffler as this is what investors are looking for when it comes to using and integrating cryptocurrency into their portfolios. 

Furthermore, adoption of new digital currency-powered technology and financial instruments is important in Bakkt’s launch as it is a product that bridges this gap; and finally, Bakkt’s platform allows for the rapid expansion of innovative methods for managing and transferring digital value.

“With operations, cybersecurity and controls, along with end-to-end-regulation demanded by investors and consumers, confidence in using digital currency — not just to invest, but to also use in transacting — will grow,” the CEO explained

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