The NYSE owners are set to launch Bakkt this November and take cryptocurrency mainstream.
Bakkt, a subsidiary of the New York Stock Exchange (NYSE) owners ICE Markets is set to make waves when it goes live this November. Bakkt will be the first project of this magnitude to Launch Bitcoin futures trading and will open the door to a previously closed group of investors looking for ways to safely and securely invest into cryptocurrencies and the emerging market around them.
It is not yet clear if Bakkt will be supporting any further digital assets, including Litecoin in the short term however it would seem an inevitability considering the rampant speculation we have seen within the space. Pair this with a statement from their CEO Kelly Loeffler and it would appear Bakkt is far more than just Bitcoin as she describes it as:
“A new company designed to bring digital assets to the mainstream and help unlock the potential of this important technology”
Loeffler further goes on to write
“Whether you’re an investment manager seeking federally regulated, institutional trading and security solutions or a consumer looking for more choice in transacting, we’re working to make the vision for wider application of digital assets a reality.”
“Recently, the Wall Street Journal headlined that the aggregate market capitalization of digital assets slid below $200 billion, down 70% from the peak at the start of 2018. At the same time, there are numerous reports that venture investing, initial coin offerings, and corporate R&D related to blockchain and digital assets are all on track to surpass 2017 levels. With the potential for efficiency and innovation, the focus on new applications and infrastructure indicates a strong appetite for this market and technology.”
Due to the unique position and provenance of ICE the news does not just stop at institutional investors and speculators. They have also partnered up with with Starbucks and Microsoft to provide them with the necessary tools for accepting crypto currencies supported through Bakkt. This means soon crypto users will be able to make direct purchases with these companies via Bitcoin, something that was previously unprecedented within the space and a huge leap for adoption and awareness going forward.
Microsoft should be noted as it previously had accepted Bitcoin as a form of payment back in 2015 but subsequently dropped support not long after, so to see them make a return lends the stature of Bakkt and ICE.
We may also start to see Bitcoin, litecoin and a handful of other digital assets making their way into mainstream investor portfolios and 401Ks sooner than anyone had realised and we for one welcome this speed in adoption and recognition for the many benefits crypto currencies bring to the new age of finance.
To see such big names entering the space during a downturn in the market where most digital assets have depreciated over 95% it sends a clear signal to everyone that Bitcoin and Crypto is here to stay and despite what others are crying publicly our best times are yet to come.
BTC = $6,817 LTC = $58.77