The news of Bakkt’s September 23 launch has broken the crypto internet. The market is all green with Bitcoin alone has gained over $600 in the last 48 hours. Crypto Twitterati has welcomed the news with a shower of excited tweets.
To give you perspective, Bakkt is a bitcoin futures exchange and digital assets platform founded by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). Several major organizations including Boston Consulting Group (BCG), Microsoft and Starbucks are working to develop the exchange.
After having made the crypto community wait for a year since ICE’s announcement of its plans to create the platform, Bakkt is finally set to launch in September, as per Bakkt’s medium blog.
Here are 5 reasons why Bakkt’s launch is such a big deal for the crypto community
- Bakkt’s Wall Street Connection – Bakkt has been founded by the creator of the largest stock exchange in the world, the New York Stock Exchange. This bold initiative may also inspire other major stock exchanges in the world from crypto-friendly countries like Japan and Hong Kong to venture into offering regulated platforms for crypto-based assets.
- Bakkt’s Credibility – One of the reasons why new investors are reluctant about including crypto-based assets in their portfolio is the lack of trust in existing platforms. Bakkt, owing to being equipped with the New York state trust charter from the New York State Department of Financial Services (NYDFS) and approvals from Commodity Futures Trading Commission (CFTC), and its association with some of the biggest companies of the world, overcomes the obstacle of building trust.