Bakkt has opened its “Bitcoin Warehouse” customer’s storage of deposits and withdrawals for its ‘Bitcoin Daily & Monthly Futures’ released following this month. The CEO of the Bakkt, Adam White then goes a bit poetic about the modern and change effect he was hoping that it would have on the financial institutions when the “Bakkt Future” will go live on 23rd September.
Custody at the Bakkt Warehouse is live
BNY Mellon helps safeguard private key material by providing geographically-distributed storage of customer assets for the Bakkt Warehouse
— Bakkt (@Bakkt) September 9, 2019
Bakkt in it’s latest tweets mentioned about $125 million insurance policy for the security of funds stored in The Bakkt Warehouse which is now open for Bitcoin deposits.
The Bakkt Warehouse is active for futures
Bitcoin deposited at our Warehouse is protected by a $125 million insurance policy
— Bakkt (@Bakkt) September 9, 2019
White released his new blog post in which he describes how the revolution came with Automated Teller Machines (ATMs) within the banking industry. He further states that he is hoping the same positive outcome from the Bakkt on Bitcoin and other virtual currency. He wrote in his blog:
“With the launch of the Bakkt Warehouse last week, I’m reminded of the role that innovation and technology play in shaping the financial industry. Looking forward, I’m excited at the role Bakkt will play in the coming years as we establish greater access, transparency and utility for bitcoin and other digital assets.”
On the other hand, everyone is also positive about the Bakkt’s impact on the path of massive adoption of Bitcoin by other institutions and industries. If we talk about the impact of ATMs they had a more noticeable impact on the retail users in comparison to the institutional merchants who were looking for much exposure to a comparably new asset category. Then we can also call the poetic hopes of the White a bit cliché.
Bakkt was introduced in the cryptocurrency industry around 1 year ago and since then it is one of the hottest topics in the industry. Bakkt provides contracts of Bitcoin futures which are physically delivered and it is the opposite of providing simple paper derivatives. White further explains:
“When the physically-delivered Bakkt Bitcoin Futures contracts launch on September 23rd, we will create the first fully regulated marketplace specifically designed to meet the needs of institutional firms and their clients.”
The Bakkt Warehouse is also constituted of the identical “institutional-grade infrastructure, operational controls, and security protocols” that is utilized by the New York Stock Exchange (NYSE) and other exchange markets. It is not at all surprising for anyone because it has connections with to the Intercontinental Exchange (ICE), which is a financial market firm and controls around 12 regulated markets or exchanges like NYSE.
Like the intro of the ATM ~50 years ago, last week's launch of the @Bakkt Warehouse is an example of how innovation and technology have shaped the financial industry for decades and will keep doing sohttps://t.co/cK3tMSmU59
— Adam White (@WhiteAdamL) September 9, 2019
The contracts of the Bakkt’s warehouse and futures are designed to meet up with the highest standards of amenability and oversight. It is not a regular thing that everyone in the Bitcoin and cryptocurrency community finds attractive especially. Now we have to see how it will be going to impact on the crypto market and community. Bitcoin, on the other hand, is ranging its value between the prices of $9,300 to $11,000. Unfortunately, the value of the currency dropped around 7% after the launch of Bakkt’s warehouse opening.