What is the Bakkt platform and how do cryptocurrency holders benefit from it?
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Answer What is the Bakkt platform and how do cryptocurrency holders benefit from it?
Next November, the Bakkt platform will be launched, a new company backed by Intercontinental Corporation (one of the largest stock exchanges in the world).
The Bakkt platform aims to provide new solutions to cryptocurrency owners and give millions of stores the opportunity to buy, sell and trade cryptocurrencies with ease.
The parent company, New York Stock Exchange (NYSE) is the leading operator of global trading, clearinghouses, data provisioning and listing services.
Bakkt CEO Kelly Lover explained that the platform is designed to serve as a scalable building block, reaching institutions, businesses, and customers, and providing multiple options in the cryptocurrency industry. He added: “We aim to build an open platform that helps digital assets and currencies to access the trade sector and global markets.”Read:Charles Hoskinson: Cardano will outperform Ethereum 2.0 in DeFi
Bakkt has identified three areas to focus on improving through its products, which are existing cryptocurrency infrastructure, security standards, global market access and data provision.
In doing so, the platform aims to build an exceptional platform that aims to bridge the gap between mainstream traditional assets and digital assets.
Bakkt will use the regulated futures and private market to develop the existing cryptocurrency market infrastructure, this includes compliance with global standards such as anti-money laundering rules, market monitoring and reporting required for government regulation and final review by the authority USA Futures Trading (CFTC).
To improve security, the Bakkt platform will provide trading, clearing and warehousing services at a very high level of technology and security built on the basis of blockchain technology. In addition to providing a fund dedicated to compensating clients’ losses in the event that they are breached.
The platform also intends to offer the option of trading Bitcoin contracts, and according to the platform’s official announcement that it is awaiting approval from the US Futures Trading Commission (CFTC) to launch the product in November of this year, many in the crypto community believe it will be a suitable alternative to Bitcoin investment funds (BTC). ETF).Read:Binance intends to open 5 to 10 new platforms in 2019
It is worth noting that “Intercontinental Company” was established in 2000, and it works on developing markets and mitigating risks related to stocks and futures trading by managing its own data centers.
Bakkt announced that it will collaborate with Microsoft to implement the company’s cloud solutions and to ensure customer security. The platform is expected to create an organized market for users of digital assets.
The platform will also offer cryptocurrency payment options and one of Bakkt’s major contracting stores will be Starbucks, which intends to leverage the platform’s payment system to provide the option to purchase coffee with cryptocurrency.
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