Right Around The Corner
At the beginning of August 2018, the Intercontinental Exchange (ICE) — a subsidiary of The New York Stock Exchange (NYSE) — announced it would be launching a cryptocurrency custody platform called Bakkt, which would be geared towards large-scale institutions and investors.
The new Bakkt project will be led by CEO Kelly Loeffler and announced yesterday that the first element of its service, Bitcoin futures contracts, will be offered beginning December 12.
The futures contract will be physically delivered.
Institutional Investors Are Coming To Town
Bakkt has seemed to start a trend in the digital asset custody sector, which has seen other institutions and firms — like Fidelity and TD Ameritrade — follow suit by announcing a custody platform and digital asset exchange, respectively.
The moves that these financial giants are making into the cryptocurrency space are a strong fundamental signal that Bitcoin is seeing its bottom levels, and could change the entire landscape of the market as we know it in 2019.
Up until recently, there have been very few choices with limited features available to institutions looking to invest in the cryptocurrency market.
Platforms like Bakkt will be able to offer insurance on invested funds and could attract investors with deep pockets from out of the woodwork — potentially helping push the total market cap into the trillions.
Do you think institutional cryptocurrency custody platforms like Bakkt will be a factor in influencing upward movement in the market? Let us know your thoughts in the comments below!