Business Cryptocurrency

Bakkt to Build Products Facilitating Not Only Trading But Utility of Digital Assets

Bakkt

Bakkt platform sets to release a multifunctional application for making payments and storing crypto assets for retail buyers and sellers.

According to a blog post, the payment application will be released in the first half of 2020 and it will support not only Bitcoin cryptocurrency but also other digital coins.

According to Chief Product Officer Mike Blandina, who has 25 years of experience working with payments at major corporations such as Google, PayPal, and the Blackhawk Network, the model will include a set of digital assets. And each user will be able to use this set at their own preference, which implies storage, transactions, trading, and exchange of digital assets.

The main goal of Bakkt is to innovate and to build products that facilitate not only trading but the utility of digital assets.

Based on prior achievements, Blandina is confident that small steps can bring big changes to the ecosystem.

New features are provided in four key areas:

  1. The infrastructure of digital assets, providing with a new form of payment acceptance at lower transaction costs and faster settlements.
  2.  Access to the market, providing with ease of searching for digital assets, as well as conducting operations or tracking them.
  3. Maximum control, providing with maximum control over their digital assets, including flexibility in their use.
  4. Establishment of trust, ensuring the adoption of new effective forms of payments without increasing risks.

The launch of the new payment application will be implemented in 2020, with testing by Starbucks.

Bakkt Is Close To New Records In Bitcoin Trade

And that’s all due to the Bakkt has a strong team and recently its derivatives trading platform has shown good results.

Therefore, on October 25, during the bullrun, the Bakkt platform set a record for the volume of Bitcoin (BTC) cryptocurrency trading, which amounted to 640 BTC. At the same time, the number of processed futures contracts reached 1179 mark.

Note that today this figure is 240 BTC. But we can assume that customers of the website will buy about 8000 BTC. As a result of the cryptocurrency exchange rate pump, on the night of Friday to Saturday, the value of the digital asset reached above $ 10,000. In a few hours, it fell sharply to $ 8900 and now swings around $ 9350 – $ 9450.

Note, there are billions of dollars of digital assets on the market today, in addition to other forms of digital value that consumers and sellers rely on. Therefore, a new product of Bakkt could not have been more relevant.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Victoria Tiebienieva

Victoria Tiebienieva is an Europe based cryptocurrency writer with over 5 years writing experience in the cryptocurrency space.

Victoria has written numerous articles for popular cryptocurrency websites across Europe and beyond. She has spoken about cryptocurrency in notable media houses across her country.

Email: victoria.tiebienieva@newslogical.com

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