The launch of Bakkt can cause enormous growth for the cryptocurrency market, at least that’s what Sam Doctor, Managing Director and Quantamental Strategist at research company Fundstrat Global Advisors expects. Doctor published a report on July 19 with his findings regarding the Bakkt Institutional Digital Asset Summit, an event organized by Bakkt.
Bakkt is a trading platform specifically aimed at institutional investors. This type of investor has high requirements with regard to safety and compliance as they often invest with large amounts. Bakkt is a subsidiary of Intercontinental Exchange (ICE), one of the largest stock exchange operators in the world.
More than 150 “investors and institutional service providers” were present at the Bakkt event, Doctor said. This shows that there is great interest in such trading platforms.
This is also what the Commodity Futures Trading Commission (CFTC) notes during the event. The financial regulator notes that there is a “growing demand for Bitcoin futures”. Futures are contracts that can be traded on Bakkt. The first two contracts that will be available are a daily and monthly bitcoin futures contract.
According to Doctor, there are also many brokers, trading desks and liquidity providers who want to start using the services of Bakkt from the first day of the launch. This is also a positive sign with regard to the adoption of the platform.
The full launch of Bakkt is expected to take place at the end of this quarter. However, the platform will allow users to test the platform on July 22. According to Doctor, the platform can “cause a huge accelerator for market growth” and thereby trigger a large inflow of new money.