Bakkt Announces Updates Regarding Launch of Crypto Exchange
The crypto trading platform, Bakkt, has released an announcement following the first earlier this month. The newly established company has been under the media spotlight due to its affiliation with major businesses such as Microsoft, ICE, and Starbucks.
The announcement expressed plans to launch a highly sophisticated exchange supporting the scalable trade of digital currencies for both consumers and institutions. Once the trading platform receives approval from the US CFTC, the official launch will be expected this November.
Plans for Success in the Crypto Market
Among the newly established company’s partners include industry giants such as Microsoft and BCG who will play an integral part in crypto adoption into the mainstream community. Kelly Loeffler, Bakkt’s Chief Executive Officer noted in her recent announcement that the company plans to change the crypto industry as we know it providing a consistent and regulated framework offering transparency, efficiency, at an institutional level.
She also aimed to highlight the notion of price discovery. Loeffler explains that this system requires less manipulation of prices and will instead provide reliable information facilitating the adoption of these currencies into corporations. As a result, the company will refrain from margin trading except for fully prefunded Bitcoin trades. As this solution offers the trading of collateralized Bitcoin, supporting the integrity of the marketplace as well as sets Bakkt apart from other existing exchanges permitting options such as cash settlements or leveraging.
A Positive Outlook Remains Strong
Loeffler remains optimistic about Bakkt’s strategy and the future of crypto as a whole despite current statistics leaning towards a bearish state. She explained that despite the underlying worry, venture investments, ICOs, and blockchain related development projects are all in full steam predicted to overachieve what we’ve seen last year. There remains a positive drive for this type of technology and market as is seen with a heavy focus on the development of new applications and platforms that offer a new level of efficiency and product innovation.
Bakkt, among the first of its kind supported by US-based stock exchange to enter the digital currency ecosystem, likely leading many to follow in its footsteps.