Bakkt Is Open For Business And Starts Accepting Bitcoin Deposits
Bakkt has been said to be the crypto game-changer that the world is expecting.
Not too long ago, the market research and analysis company Fundstrat has released an update on Bakkt.
Bakkt was expected to launch with tons of institutional investors on board.
According to Fundstrat’s notes, “Investors at the event are excited about the Bakkt launch, and the notion of physically-settled daily and monthly futures contracts. There was a wide array of clients, mainly with deep traditional equity/derivatives expertise.”
Bakkt is open for business
The long-awaited crypto platform that is set to launch physically settled BTC futures said that it’s now open for business.
It will start accepting Bitcoin deposits. In an announcement via Twitter, the entity gave the very first significant signal that the upcoming launch date at the end of September will remain as it is, and there will not be any further delays involved.
From now on, customers will be able to deposit and withdraw BTC as the company prepares to launch its daily and monthly BTC futures contracts on September 23.
The New York-based exchange is expected to spark a wave of institutional investment in BTC as the regulated company leverages its massive Wall Street ties and allows institutional money to buy, sell, store and spend crypto.
Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23
The availability of physical delivery brings more flexibility in managing bitcoin exposure
— Bakkt (@Bakkt) September 6, 2019
Bakkt is expected to become a big player in the crypto space
In a blog post following the NYDFS approval, Bakkt CEO Kelly Loeffler indicated why she expects Bakkt to become a big player with a significant impact on the crypto sphere.
“With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will provide custody bitcoin for physically delivered futures,” she said.
She continued and posted this: “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.”
Ex-CMO of Intercontinental Exchange (ICE), Loeffler is now the CEO of Bakkt, a subsidiary of ICE, focused on increasing institution and merchant access to digital assets. Having launched its Bitcoin Futures in Sep 2019, Bakkt reached an all-time monthly high of $37M within the first month. Prior to her 15 years at ICE, Loeffler served on the Board of Directors for Georgia Power Company.