Bakkt is finally here, it’s time to buy a Starbucks with it.

Bakkt is finally here.

That's right, Bakkt is finally here. After months of deliberation, speculation and regulatory setbacks, Bakkt, a cryptocurrency exchange backed by the New York Stock Exchange, Microsoft and Starbucks, has finally embarked on the road to success.

On Monday (July 22), Bakkt will fully test the first regulated physical delivery bitcoin futures in the US market, although it is unclear who will test the product and how it will test the contract and Hosting the solution, but to be sure, this will be a big step in the right direction for the entire cryptocurrency market.

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Launched an encrypted payment wallet for retail customers Bakkt Pay

 

Before the official beta release, Bakkt actually digs up a Google payment product expert Chris Petersen last month to develop a cryptocurrency payment wallet, Bakkt Pay. Although Bakkt's Bitcoin futures products have been postponed, they have not stopped other work and recruited many people.

Chris Petersen has previously worked on Google Wallet's solution design and will help Bakkt expand beyond the futures contract products. According to sources, Bakkt may release its mobile app after the launch of Bitcoin Futures, and it has also updated its work on digital payments on the website, which is written on the Bakkt website:

“Either consumers and businesses, or peers, they are expected to have the ability to trade in digital assets, because the new global currency will go beyond value storage or speculative assets, and with the development of distributed ledger technology, Bakkt will also work with leading vendors that recognize the potential of digital assets."

Can Bakkt Beta test buy Starbucks?

 

Bakkt has attracted so much attention and has a lot to do with the supporters behind it. First, Bakkt is the digital currency platform launched by the Intercontinental Exchange (ICE). They raised more than $180 million in “easy” financing for the first time. The investors are also well-known institutions in the industry, such as the Boston Consulting Group and CMT Digital. , Eagle Seven, Galaxy Digital, Goldfinch Partners, Li Ka-shing's Horizons Ventures, Microsoft's venture capital fund M12, Pantera Capital, PayU, Protocol Ventures.

Secondly, the global coffee chain giant Starbucks has a very different relationship with Bakkt, and it is said to have its “large proportion of equity”. In fact, as early as March this year, it was reported that Starbucks would deploy Bakkt payment software in its stores in the US market, allowing customers to directly convert cryptocurrencies into fiat currencies for payment. Although it is somewhat inferior to Facebook with nearly 2.7 billion users, nearly 15,000 Starbucks stores worldwide support Bakkt wallets and allow consumers to pay directly in cryptocurrencies, which will undoubtedly accelerate the spread of the entire industry.

Institutional investors are still key

Unlike the bitcoin futures that were previously introduced by the Chicago Board Options Exchange and the Chicago Mercantile Exchange, Bakkt's bitcoin futures are not settled in cash but in physical bitcoin, which means that when the contract expires, the parties Bitcoin will be transferred directly from the Bakkt Digital Asset Warehouse.

According to Fundstrat's quantitative strategist Sam Doctor, Bakkt may become a huge catalyst for institutions to participate in the encryption market, and a great opportunity to accelerate the entry of traditional institutional investors. In fact, Bakkt's previous Digital Asset Summit attracted representatives from more than 150 countries and institutions, including brokerage firms, market makers, over-the-counter trading platforms, liquidity providers and many other industry organizations.

Earlier this month, Bakkt's competitors ErisX and LedgerX were licensed by the US Commodity Futures Trading Commission (CFTC) to conduct business as a custodian of physical settlement bitcoin futures contracts, which may encourage more exchanges. Participate in the Bitcoin futures business.

As Fundstrat mentioned in its analysis report, the US Commodity Futures Trading Commission has seen the public's growing demand for and interest in Bitcoin futures, and institutional investors' demand for bitcoin has also risen.

If Bakkt launches a domino effect, will the next be a Bitcoin ETF?

Bakkt's advanced hosting services and mobile futures market have solved many of the concerns of multi-regulatory cryptocurrencies because they were previously worried about the impact of the exchange on the spot price of Bitcoin and may even involve market manipulation. As a result, many speculate that the launch of Bakkt will have a domino effect on Bitcoin, spurring the US Securities and Exchange Commission to approve bitcoin exchange-traded funds (ETFs).

In any case, Planet Jun finally hopes that Bakkt's upcoming test work will go smoothly.

This article comes from ethereumworldnews & coingape , the original author: Tabassum & Nick Chong

Odaily Planet Daily Translator | Moni

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