Bitcoin, the coveted Bakkt of institutional investment, is finally coming.
Bakkt, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE), is finally starting to open. After nearly a year of delay, Bakkt has now been approved by the US Commodity Futures Trading Commission (CFTC) and the New York State Financial Services Authority (NYSDFS), which will be launched on September 23. Bakkt announced the news on the official Medium blog .
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For those who have been waiting for institutional funds to enter the Bitcoin gate for a long time, this news is undoubtedly hard work.
Scott Melker, a cryptocurrency analyst and trader, posted on Twitter saying:
“For institutional investors, Bakkt’s news can be said to be the most optimistic event in the history of Bitcoin.”
Melker explained that the concept of physical delivery of bitcoin futures would require holders to either produce actual bitcoin or extract from their respective exchanges.
Coupled with the support of the New York Stock Exchange, this indicates that the bitcoin market is rapidly maturing. The recognition from the pillars of the financial sector is the key to the mainstream of Bitcoin.
Bakkt's goal is to provide institutional traders with daily and monthly Bitcoin physical futures contracts, which may result in Bitcoin and other cryptocurrency products being accepted by the mainstream. Much like Flexa, which is supported by the Gemini exchange, Bakkt is also considering recruiting several commercial retailers, such as Starbucks, to participate in its plans. The idea is to provide consumers with an easy way to buy goods and services in digital currency – an important step in the industry.
In terms of Bakkt's meaning for cryptocurrencies such as Bitcoin and its investors, NYDFS director Linda Lacewell may be the best: she wrote that Bakkt "is promoting while protecting consumers. Innovation."
Jake Chervinsky, a former securities attorney and general financial counsel, also expressed the same view. He said that Bakkt is important because it provides a way for large, risk-averse organizations to purchase and maintain Bitcoin through an end-to-end regulatory system approved by CFTC and NYDFS. Received the support of ICE's good reputation."
But as Chervinsky pointed out, it is too early for Bitcoin holders to celebrate the news. After all, obtaining approval from the US Commodity Futures Trading Commission (CFTC) and the New York Futures Exchange (NYDFS) is only the first step on a long regulatory path, and Bakkt is likely to still face the SEC challenge.
Despite the enthusiasm of the cryptocurrency world, skeptical observers still have a lingering big problem: after so many ups and downs, and the delays in Bitcoin’s dreams, Bakkt Is this really going to be online?