The much anticipated cryptocurrency platform for institutional investors – Bakkt will begin its first phase testing of Bitcoin (BTC) futures trading on July 22.
Following months of delay since August 2018, Bakkt is set to launch its first series of futures offering this July. According to Chief Operating Officer Adam White, he states:
This is no small step. This launch will usher in a new standard for accessing crypto markets. Compared to other markets, institutional participation in crypto remains constrained due to limitations like market infrastructure and regulatory certainty…Bakkt’s efforts to help institutions launch safely into this market is the right stuff for the future.
White also related hurdles encountered by the company to ensure a successful launch of the first fully-regulated crypto products exchange for institutional investors.
Bakkt is owned by the Intercontinental Exchange (ICE), which is also the parent company of the New York Stock Exchange; hence the enthusiasm about the project. The company seeks to provide crypto services similar to those of traditional financial institutions.
It is widely believed in the crypto community that the Bakkt project will encourage institutional investors to get in big on the Bitcoin market; a move which will spell well for price and fundamentals.
Asides its adoption benefit, the platform seeks to promote regulated price discovery, price transparency, increased trading volumes, liquidity, custody services and enforcement of existing financial regulations which will make the Bitcoin market more appealing to the institutional class of investors.
Would the launch of Bakkt, signify a price moon for Bitcoin? Share your thoughts in the comments!