Adam White, Chief Operating Officer at Bakkt conveyed information about setting a new standard for institutional market quality for Digital Assets. This development was on 13 June.
Adam expressed that practically Bakkt is a very friendly solution to the challenge of building safety in bitcoin and other digital assets for consumers and institutions alike. He headlined important news informing that on July 22, Bakkt would initiate user acceptance testing for its bitcoin futures listed and traded at Intercontinental Exchange (ICE) Futures U.S. and cleared at ICE Clear US.
Adam touched a high note on the offer as –
“This is no small step. This launch will usher in a new standard for accessing crypto markets. Compared to other markets, institutional participation in crypto remains constrained due to limitations like market infrastructure and regulatory certainty. This results in lower trading volumes, liquidity, and price transparency than more established markets like ICE’s Brent Crude futures contract, which has earned global trust in setting the world’s price of crude oil.”
Adam threw light on some mission statements which was to support the development of a trusted framework for securely transacting in the market for digital assets. Adam continued that in advance of the start of Bakkt’s testing discipline, they wanted to share what they saw as some of the benefits they are bringing to the market. Adam drew an analogy that just as engineers identified problems in planning a spacecraft’s lunar trajectory, the team at Bakkt was working to meet present identifiable market risks.
Adam further added that along with the salient problem-solving solutions that are new to digital asset markets, Bakkt also brings all the other features. These features would be expected by institutions in a multi-purpose and broadly accessible market. These include a fee holiday through the end of the year to encourage trading, block trades, market maker incentive programs to encourage liquid markets, and integrations with regulated brokerage platforms.
In May, Bakkt provided insight into setting new standards for safely storing digital assets. This would extend beyond large clients to customer funds. Bakkt is a platform that allows users to buy, sell, store and spend digital assets safely and efficiently. Bakkt is backed by Intercontinental Exchange (ICE) while leveraging ICE’s financial market infrastructure and technology.
Adam conceded that none of this work is either fast or easy while involving substantial cost. Bakkt, however, believed that it would be well worth the effort. The regulated ecosystem for digital assets opined that it was on a grounded mission to scale the future of finance and foster adoption of blockchain technology.