This article comes fromethereumworldnews & coingape, Original Author: Tabassum & Nick Chong
Odaily Translator |
Odaily Translator |
Bakkt is finally here.
On Monday (July 22), Bakkt will fully test the first regulated physically-delivered bitcoin futures in the US market, although it is unclear who will test the product or how the contracts and contracts will be tested. Custody solutions, but for sure it will be a big step in the right direction for the entire cryptocurrency market.
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Crypto payment wallet Bakkt Pay launched for retail users
Before the official release of the Beta test version, Bakkt actually hired Chris Petersen, a Google payment product expert, to develop a cryptocurrency payment wallet - Bakkt Pay as early as last month. Although Bakkt’s Bitcoin futures product has been delayed, they have not stopped working on other aspects and recruiting a lot of people.
"Whether it's consumers and merchants, or between peers, they are expected to have the ability to transact in digital assets, because the new global currency will surpass value storage or speculative assets, and with the continuous development of distributed ledger technology, Bakkt will also partner with leading merchants who identify the potential of digital assets."
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Can Bakkt Beta Buy Starbucks?
Second, the global coffee chain giant Starbucks has an unusual relationship with Bakkt, allegedly owning a "significant percentage of its equity." In fact, as early as March this year, there was news that Starbucks would deploy Bakkt payment software in its physical stores in the US market, allowing customers to directly convert cryptocurrencies into legal tender for payment. Although it is somewhat "inferior" compared with Facebook, which has nearly 2.7 billion users, if nearly 15,000 Starbucks stores around the world support the Bakkt wallet and allow consumers to pay directly with cryptocurrencies, it will undoubtedly accelerate the popularization of the entire industry.
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Institutional investors remain key
Unlike the bitcoin futures previously launched by the Chicago Board Options Exchange and the Chicago Mercantile Exchange, Bakkt's bitcoin futures are not settled in cash, but in physical bitcoins, which means that when the contract expires, all parties Bitcoins will be transferred directly from the Bakkt digital asset warehouse.
According to Fundstrat quantitative strategist Sam Doctor, Bakkt may become a huge catalyst for institutional participation in the encryption market, and it is also a great opportunity to accelerate the entry of traditional institutional investors. In fact, the previous digital asset summit held by Bakkt attracted representatives from more than 150 countries and institutions, including brokerage companies, market makers, over-the-counter trading platforms, liquidity providers and many other industry organizations are ready to join.
As Fundstrat mentioned in its analysis report, the U.S. Commodity Futures Trading Commission has seen the public’s growing demand and interest in Bitcoin futures, and institutional investors’ demand for Bitcoin has also begun to rise.
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If Bakkt Launches Bitcoin Futures Causes Domino Effect, Will Bitcoin ETF Next?
The advanced custody services and liquid futures market offered by Bakkt address many of the concerns that multiple regulators have about cryptocurrencies, as they were previously very concerned about the impact of exchanges on the spot price of bitcoin, even involving market manipulation. As a result, many have speculated that the launch of Bakkt would have a domino effect on Bitcoin, namely spurring the SEC to approve a Bitcoin exchange-traded fund (ETF).
