Bakkt Is Good For Bitcoin And Ethereum Too – The Market Hasn’t Priced That In Yet
Bakkt’s bitcoin futures and custody platform launch on 23 September is a shot in the arm for crypto, but in addition to boosting bitcoin it could also raise the profile of Ethereum. The long-awaited physically settled futures should qualitatively shift market composition toward greater institutional influence. A crypto trading and payments ecosystem, Bakkt is a subsidiary of Intercontinental Exchange, the owner of the New York Stock Exchange. Bakkt hopes to quicken the pace of institutional bitcoin adoption. Its custody pitch for best of class offering comes in its securing of $125 million of insurance protection for its bitcoin “warehousing” custody arrangements. The bitcoin price reacted positively on the announcement from Bakkt. As it happens, the timing more than cancelled out the unsurprising news that the US SEC…