The much anticipated Bakkt platform looks like it is finally ready to launch this July. Those behind the project and many in the wider crypto asset space are hoping that the institutional-grade offering will encourage investors with the deepest pockets to enter the Bitcoin market.
Bakkt plans to appeal to the wealthiest class of investor by providing many of the same features that financial institutions are used to. Amongst other things, these include regulated price discovery, custody, and strict enforcement of existing financial regulations.
Bakkt to Begin Testing its Regulated Bitcoin Products This July
Bakkt has been a hot topic of Bitcoin and general crypto asset conversations since in was first announced in 2018. The company is owned by the Intercontinental Exchange (ICE) and the fact that they also own the New York Stock Exchange has many folks understandably excited about its launch.
In a press release issued earlier today from the company via its Medium account, Bakkt finally announced the official start of official testing of the platform. Somewhat amusingly, the date chosen to launch is just two days after Apollo 11’s 50th anniversary on July 22 this year – or, the day that man first went to the moon.
@Bakkt may be a “moonshot bet” but the market structure problems we’re solving are real. User testing starts July 22nd – learn more here:https://medium.com/bakkt-blog/putting-bakks-bitcoin-futures-to-the-test-47e381b7dda1 …
Putting Bakk’s Bitcoin Futures to the Test
Setting a New Standard for Institutional Market Quality for Digital Assets
In the release, Bakkt highlights the significance of the date:
“Bakkt may be a form of moonshot, but it’s grounded in an earthbound endeavor to support the future of finance and the adoption of blockchain technology. In its own way, Bakkt’s efforts to help institutions launch safely into this market is the right stuff for the future.”
As explicitly mentioned, Bakkt is hoping that its efforts to create a regulated trading venue, custody solution, and price discovery method will help to make the Bitcoin market more appealing to an institutional class of investor.
According to the release, the launch should help create a “new standard for accessing crypto markets.” The firm believes that the market is currently being held back from reaching its full potential because of regulatory uncertainty and limitations in the existing market infrastructure.
By bringing a fully regulated product to market, Bakkt is hoping to increase trading volumes, liquidity, and price transparency across the market. This would bring the market more in line with established ones such as that of crude oil.
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