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The highly anticipated Bakkt platform looks set to be launched in July. Those behind the project and in the vast field of cryptographic assets hope that the institutional quality offer will encourage investors with the deepest pockets to enter the Bitcoin market.
Bakkt plans to appeal to the wealthiest investor class by providing many of the same features as financial institutions. These include, among others, the discovery of regulated prices, custody and the strict application of existing financial regulations.
Bakkt will start testing its regulated Bitcoin products in July
Bakkt has been a hot topic in Bitcoin conversations and cryptographic asset conversations since its first announcement in 2018. The company is owned by Intercontinental Exchange (ICE). The fact that they are also owners of the New York Stock Exchange has sparked many enthusiasm for its launch.
The Bakkt platform has already been delayed several times. However, given the scale of its objectives and the fact that it will be the first bitcoin service of its kind on the planet, it is not surprising that its creators want to be certain of overcoming all the obstacles. technical and regulatory before embarking. that on the world.
In a press release issued today by the company via its Medium account, Bakkt has finally announced the official launch of the official platform tests. Funnily enough, the chosen launch date was chosen just two days after July 50th, the fiftieth anniversary of Apollo 11 – or the very day this man went to the moon.
@ Bakkt perhaps a "lightning bet", but the market structure issues we are solving are real. User testing will begin July 22 – For more information, visit: https: //t.co/AwJ6OgBdn5
– Adam White (@WhiteAdamL) June 13, 2019
In the statement, Bakkt emphasizes the importance of the date:
"Bakkt may be a form of shooting, but it is based on a down-to-earth effort to support the future of finance and the adoption of blockchain technology. In its own way, Bakkt's efforts to help institutions gain a secure foothold in this market are the ideal solution for the future. "
As mentioned explicitly, Bakkt hopes that its efforts to create a regulated trading platform, a custody solution and a pricing method will help make the Bitcoin market more attractive to a class of institutional investors.
According to the statement, the launch should help create a "new standard for accessing cryptography markets". The company believes that the market is currently prevented from reaching its full potential due to regulatory uncertainty and limitations of existing market infrastructure.
By putting a fully regulated product on the market, Bakkt hopes to increase trading volumes, liquidity and price transparency across the market. This would bring the market closer to established markets such as crude oil.
The release also explains how Bakkt intends to bring these potential benefits to the market for bitcoins and cryptographic assets. Among the other measures aimed at attracting traditional institutions and fund managers, the focus is on true price discovery, compliance with KYC and AML regulations, as well as full external audit of its products. .
Many digital currency analysts have previously stated that they also believe that the current state of the markets holds Bitcoin. Bakkt seems to be taking the necessary steps to remedy this and, in so doing, may well attract those with the deepest pockets in the market, as they would have been reluctant to do before.
Related reading: Claims Survey: 50% of institutional investors believe that crypto deserves to be added to their portfolios
Featured image of Shutterstock.
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