Categories: Bitcoin Business

How Bakkt Could Help Lift Bitcoin

Click here to view original web page at cryptodaily.co.uk

If the international network that is Bakkt gets approved by the US Commodity Futures Trading Commission (CFTC), then the proposed Bitcoin futures trading system could contribute to a strong Bitcoin turnaround.

In a previous post by Bakkt, the venture's founder, Intercontinental Exchange (ICE) is arguably the most successful operator across the globe when it comes to financial exchanges. The forward-thinking entrepreneur, Jeffrey Sprecher is at the helm of ICE which owns the New York Stock Exchange and other leading futures exchanges in many major asset categories.

The unique track record of this seems to appeal to the investment from institutions, whose regulations usually require investing through government channels with strict guidelines. However, the lack of US regulatory approval helps to explain why many institutions have taken a step back from crypto. The appeal that Bakkt has doesn’t stop there as some banking giants in the financial sector have also shown their interest.

As observed by a trader at JP Morgan Chase in a recent interview, the proposed system “is the only name we are considering in terms of client funds finding their way into crypto.”

JP Morgan has since announced the launch of their own cryptocurrency, JPM Coin. This might not prelude JP Morgan from using Bakkt to trade Bitcoin for its own account or customers.

As reported by The Daily Hodl, Bakkt isn’t just designed for trading but to help solidify fundamentals. “Partnerships with tech giant Microsoft and retailer Starbucks, according to Bakkt, will help incubate the development of the next generation of convenient applications needed to fuel mass cryptocurrency adoption.”

The government shutdown and the absence of the CFTC regulatory approval have continuously delayed the launch of Bakkt but hopefully, the platform will be launched at some point this year. In ICE’s recent earnings report, Sprecher said that the venture is likely to launch “later this year”.

Bakkt has said that the delay of the decision has allowed it to build a considerable base of institutions interested in its services. In addition to this, they have raised $182 million for the venture and has invested quite a lot of profit into the project.

In fact, the estimated yearly costs for Bakkt currently sit at over $20 million.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

The Entire Bitcoin Dynamic is Changed by the Lightning Network, Says Samson Mow

Samson Mow, BTCC Exchange’s Founder and Magical Crypto Friends and Blockstream’s present CSO, recently shared his views on Bitcoin’s status… Read More

2 hours ago

Bitcoin History Part 15: Silk Road Is Born

Silk Road launched in February 2011 as the darknet’s first bitcoin-based marketplace. Within four months, it would be the darknet’s… Read More

2 hours ago

Sunday Digest: Bitcoin Price, Pantomime Season, More Craig Wright Lies

Share Tweet Send Share This week, US President, Donald J Trump, decided that he would like to buy Greenland, thereby… Read More

2 hours ago

Bitcoin Twitter Is Daydreaming About a Hong Kong Bank Run

Crypto-fever dreamers cheered as Hong Kong protesters suggested organizing a bank run, but apparently rioters didn't flock to bitcoin. |… Read More

2 hours ago

World Bank issues second tranche of Ethereum blockchain kangaroo bond

'Kangaroo bond' is the name given to a foreign bond, issued in the Australian market and denominated in Australian dollars.… Read More

2 hours ago

What the Theft of a BBC Reporter’s $30,000 in Ethereum Shows About Cryptocurrency

Last week, BBC contributor Monty Mumford lost $30,000 of Ethereum . This came after a logical thought process: invest in… Read More

2 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More