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Bakkt in Business

[vc_row][vc_column][vc_column_text]The long-anticipated launch of Bakkt is now more realistic than ever. This Sunday, Bakkt announced that it would be officially launching on the 23rd of September this year.
This news was received with both enthusiasm and like any other good news, some dismay as well. The skeptics are all up in arms saying Bakkt will be a no-show on the 23rd of September, their basis of argument being the previous announcement that was then postponed. It’s been almost a year since that happened, and with this still fresh in our minds, it’s easy to get convinced by their argument.
For us, the optimists, however, we are not getting heartbroken that easily, and we believe the launch will be successful.

Bakkt is a Big Deal

The fuss around Bakkt is not just about the delays; this is going to be a game-changer in the world of cryptos. This is especially so considering the infrastructural changes that it is promising to bring to the crypto world. They are two, but each one of them is good enough to get you excited about the September 23rd launch. So what are these infrastructural changes, and what are they all about?

  1.     Bitcoin Warehousing

One of the main deterrents of major institutions accepting the use of Bitcoins and crypto, in general, has been the lack of a Bitcoin warehousing system. This system is set up in such a way that institutions that buy Bitcoins can have cryptos stored for them by some other party. This is actually what they want only that they wouldn’t mention. Bakkt could read the market though and rightfully so. Their Bitcoin warehousing will enable physically-settled Bitcoin futures to take center stage. This is being touted as the call that all these other institutions have been waiting to jump on the Bitcoin bandwagon.

  1.     Physically settled features

So we need Bitcoin warehousing to store physically settled features which Bakkt is also bringing. Essentially they are killing two birds with one stone. Back in 2017 CBOE announced it would launch futures and it caused a stir in the markets. Too bad though, whatever they were launching had nothing to do with Bitcoins. Cash settlements will not be necessary with these features in the market, and thus the asset itself will be held as part of the futures contract.
What makes this an obvious win for the crypto world is that institutions will now be able to buy Bitcoins for speculative purposes. Additionally, there is a Bitcoin warehousing service to facilitate all this.
What makes the launch date announcement more realistic this time is the change in strategy by Bakkt. Previously they had approached CFTC for approval, but it seemed they were reluctant. Fast forward, approaching the New York State Department of Financial Services has blessed us with a launch date. Bakkt’s official statement goes into detail about this.
Overall, it will be interesting to see how much confidence these two tools can inspire in investors, moreso institutions that have tried to steer clear of any association with Blockchain and Bitcoins.

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