Bakkt, an initiative created by ICE, the parent company of the New York Stock Exchange, one of the largest stock exchanges in the USA, to expand the usage areas of cryptocurrencies, introduced its first product with the announcement made on Twitter.
Bakkt’s While it was stated that its first product was physical Bitcoin futures, it was noted that users will use real Bitcoin in contracts, unlike other Bitcoin futures transactions.
Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.
— Bakkt (@Bakkt) September 25, 2018
Bakkt Aims to Expand Bitcoin Adaptation
Bakkt, which has started to take steps to expand the usage areas of Bitcoin and cryptocurrencies, has announced in its previous announcements. He also pointed out that they would not use non-physical transactions that would harm Bitcoin and cryptocurrencies, and shared with his followers that the payment platform he will create by making an agreement with companies such as Starbucks and Microsoft will make it possible to shop with Bitcoin from these stores.
Today, most of the futures transactions are physical. While it doesn’t require the use of Bitcoin, Bakkt’s formula seems to keep institutional investors interested in Bitcoin without hurting the market.. The same reflection of trust in ICE on Bitcoin and cryptocurrencies may enable Bakkt to reach the expected customer base. The expectation is that Bitcoin and cryptocurrencies will increase the areas of use in daily life and attract institutional investors to Bitcoin.
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