[BLOG] How will TEMCO and Bakkt influence the current cryptocurrency market?
The big news in the cryptocurrency industry, Bakkt, has taken a serious stride by hiring talented people. “Bakkt” was expected to go public in November last year, but it has been delayed several times. However, recently, Bakkt announced that they started recruiting talents through LinkedIn, a global business information site, showing their activeness in starting the service.
Bakkt has been recognized around the world and noticed by many, and Bakkt is the cryptocurrency exchange launched by the parent company of the New York Stock Exchange (NYSE), the Intercontinental Exchange (ICE). Bakkt is receiving heightened attention globally since it is invested and constructed by large corporations such as Boston Consulting Group, Starbucks, Microsoft etc. The fact that companies such as Starbucks and Microsoft are investing in Bakkt, we can expect many great services from Bakkt.
On the other hand, it is expected to be approved as early as mid-March. Bakkt was delayed due to shutdowns in the United States. According to a New York Stock Exchange official, it is likely to get approval from the Commodity Futures Trading Commission (CFTC) in mid-March.
When Bakkt is launched, what kind of effect would it have in the cryptocurrency market? First, it will recruit institutional investors. “Recruiting of institutional investors” is one of the blockchain market trends in 2019. In the case of a large number of institutional investors being recruited in the market, the cryptocurrency market will be more stable and mature. In addition, a large number of investments will flow into the market, which may remedy the terrible market situation that persisted for a year.
Secondly, the launching of Bakkt will produce a positive impact on the Bitcoin ETF (Bitcoin Exchange Traded Funds). The confirmation of Bitcoin ETF has been denied several times, which was the hottest news last year. The most important reason why Bitcoin’s ETF confirmation was denied is that of the capability of manipulation of the cryptocurrency price. However, Bakkt may be able to solve this problem. It is because of the recruitment of the institutional investors, stabilizing the market. The industry experts believe that Bakkt will give a positive impact on Bitcoin ETF confirmation.
Thirdly, Bakkt’s launch will produce commercialization of the cryptocurrency market. Through the participation of the influential companies (Starbucks, Microsoft, etc.), it is expected that it will accelerate the development of blockchain technology, and its commercialization. Especially, it may become possible to purchase beverages at Starbucks with cryptocurrencies. When globally located Starbucks anticipate in the use of cryptocurrency, the acceleration for commercialization of the cryptocurrency is expected.
In Korea, the company called “T-Mon”, a social commerce platform, is planning on accepting cryptocurrency for their services. Having more than 2.1 million users, when T-Mon adapts the cryptocurrency transaction capability, there will be a high possibility that other platforms will adapt to the change. If Starbucks is leading the commercialization of the cryptocurrency overseas, T-Mon will be leading the adaptation of the cryptocurrency in Korea.
Currently, the team is developing the most important aspects of the market platform such as transaction capabilities as payment, refund, points, coupons, etc and most importantly, the development of the cryptocurrency payment function. Also, the team is developing the system based on the experienced developers in the e-commerce field. In TEMCO’s market platform, the active participants are given TEMCO points as rewards. TEMCO points can be converted into TEMCO tokens, and the tokens can be used in means of payment for products in the market and smart contract usage.
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