Bakkt is launching Bitcoin Options & a Crypto retail App

The institutional digital trading platform will enable consumers to transact in digital currencies

A recent commentary by the Chinese President emphasizing the importance of blockchain technology and stating its integration was essential to the digital transformation taking place has lifted the sagging prices of the cryptos, at least for now. Although Chinese officials were quick to denounce equating blockchain with cryptocurrencies, nonetheless, it was enough to lift the price action in blockchain-based cryptos.

Not only was the premier digital Bitcoin able to bounce almost 30% from its medium-term support level of $7300 crossing the psychological $10K barrier in the immediate reaction to the above statement, but Bakkt physical bitcoin futures volume also shot through the roof beating all the previous highs (chart below).

Despite a very slow start to the business, Bakkt platform has begun to show promise with the recent uptick in daily trading volume. In fact, the digital trading platform seems to be more than optimistic about Cryptos with the launch of a couple of other products, one of whom is geared towards retail consumers.

The first one is the Bakkt Bitcoin Options contract based on the benchmark Bakkt…