Owner and operator of the New York Stock Exchange (NYSE) has catapulted into Cryptocurrencies with a new regulated exchange called BAKKT.
- What is bakkt?
- Should we trust Bakkt?
- Why it matters.
What is Bakkt?
According to Bakkt: Bakkt is building an open, seamless global network to enable you to buy, sell, store and spend digital assets simply, safely and efficiently.
“Backed by, Bakkt’s secure global platform they will connect investors, merchants, and consumers.
Bakkt aims to make it easier, faster and more cost-effective to access, trade and use digital assets.
Bakkt’s open-source, neutral platform will be designed to meet applicable regulatory requirements, and to support innovation around digital assets and blockchain applications”.
Should we trust Bakkt? No.
Bakkt is owned by The intercontinental Exchange (ICE) Which is also the parent company of the NYSE. The CEO of ICE is Jeff Sprecher who is also the chairman of the NYSE. Kelly Loeffler the CTO of Bakkt is his wife.
Why it matters.
ICE has said they will be a “regulated ecosystem” for institutional investors aiming to get exposure to cryptocurrency and will offer futures against at least three fiat currencies: The U.S. dollar, the British pound sterling, and the Euro.
The entrance of Bakkt in the Bitcoin futures exchange market is expected to drastically increase the liquidity and trading activity in the market, which may lead to the Securities Exchange Commission (SEC) reconsidering the significance of the market and more specifically, the impact the futures market could have on the actual price of BTC.
To achieve that vision, ICE is partnering with heavyweights from the worlds of technology, consulting, and retail: Microsoft, Boston Consulting Group, and Starbucks. ICE did not immediately disclose the total investment of the investment partners, a group which also includes Fortress Investment Group, Eagle Seven, and Susquehanna International Group—or the ownership stakes.
The founding imperative for Bakkt will be to make Bitcoin a sound and secure offering for key constituents that now mostly shun it—the world’s big financial institutions. The goal is to clear the way for major money managers to offer Bitcoin mutual funds, pension funds, and ETFs, as highly regulated, mainstream investments.
Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse and will trade in U.S. dollar terms. So there you have it, Bakkt is coming! or have they been here all along? See ICE purchased a minority stake in Coinbase back in Jan 2015
Market Watch reports, “With this investment, we are tapping into a new asset class by teaming up with a leading platform that is bringing transparency, security, and confidence to an important growth market,” said NYSE President Tom Farley. “We look forward to supporting Coinbase’s growth utilizing our global distribution capabilities and market expertise.”
So ICE and the NYSE have been here all along, manipulating the price of Bitcoin to their own advantage. HODL for dear life my friends! Because Bakkt is coming and the true value of Bitcoin is a lot higher than the current price being displayed today.
One BTC is worth one BTC always, don’t sell yourself short. Not your keys, not your Bitcoin these are the rules. It’s your boy Cryptojack Johnson and I – got – your – Bakkt!