The long awaited Bakkt Bitcoin Futures is ready to be launched and has been approved by the NYDFS. Bakkt will be launching on September 23 and Kelly Loeffler, the CEO said they will not be relying upon unregulated spot markets for settlement prices.
Bakkt will be traded on ICE Futures U.S. and the futures contracts are covered by the ICE Clear US fund. The crypto community has been waiting for over a year for Bakkt’s approval. The main reason is to attract the so called institutional investors which seem to be the holy grail of cryptocurrency.
The crypto market will experience a nice surge of money which is also going to give the market the legitimacy it needs. Bakkt will allow investors to buy/sell/store digital assets in a highly secure and regulated environment.
Mainstream acceptance has been one of the hottest topics among the cryptocurrency community and platforms like Bakkt and others seemed to be the solution, however, even without them it seems that the cryptocurrency market is already pretty mainstream. We have Facebook coming out with their own coin, New Zealand allowing employees to be paid in crypto legally and many more.
It’s clear that Bakkt will have a positive impact in the crypto market, in fact it already has, Bitcoin was in a pretty hard downfall but has recovered quite well since Bakkt’s announcement and gained almost $1000 back in a few hours.