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Bakkt is coming! Will this move skyrocket Crypto Markets?
Editorial Team

In August, the International Stock Exchange or ICE, the owner of NYSE, the New York Stock Exchange, joined forces with Microsoft, Starbucks, and BCG to launch Bakkt. On September 25, Bakkt announced on Twitter that their first Bitcoin futures contracts are coming.

“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.”

According to many analysts, Bakkt is going to be proven as a catalyst for the crypto markets to return to the all-time highs and beyond.

According to their website “Bakkt is building an open, seamless global network to enable you to buy, sell, store and spend digital assets simply, safely and efficiently.” The open source neutral platform was built with regulatory compliance in mind but also to encourage and support the overall growth of the technology and its applications.

When Bakkt project was first announced, Brian Kelly, the CNBC analyst, recognized it as a groundbreaking opportunity for crypto market to grow exponentially.

“This is huge news. I think the market is completely underappreciated. So let us talk about why [Bakkt] is the biggest news of the year for Bitcoin.  It paves the way for a Bitcoin ETF. Last week I stood here and said you know what, I don’t think the Bitcoin ETF will get approved. And guess what? The Winkelvoss ETF got rejected. Why? Because there was not a US regulated exchange and there wasn’t US regulated custody.”

Many analysts think this move could open up the door for wide ETF approvals.

 

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