By
Tolu Ajiboye
April 23rd, 2024
Bakkt is going to launch its app already in 2020. And it is expected that it will have more in common with PayPal than with Coinbase.
Blockchain firm Bakkt stole the show at the sideline of the World Economic Forum (WEF) held in Davos Switzerland by announcing the launch of its new consumer application that would look very much like a fintech app such as PayPal offers. Moreover, it will support all forms of digital assets, in addition to cryptocurrencies.
Bakkt, the physically-settled Bitcoin Futures exchange created by the Intercontinental Exchange (ICE), is changing the way and manner in which crypto assets are perceived globally. The firm has stated clearly that its latest consumer app supports all forms of digital assets, as it sees them as a digital form of value, rather than a super volatile investment vehicle.
Speaking at the event, the President of Bakkt, Adam White explained that the new application will treat cryptocurrencies like Bitcoin and altcoins as any other digital form of value. White also noted that the new app will allow users to manage other digital goods and products, such as equity and loyalty reward points.
Notably, the new Bakkt consumer app will have some exciting features such as equity trading, a portal for retailers, and an extensive range of other digital assets, making it an all-in-one fintech app.
Institutional Custody Services
Bakkt’s decision to accommodate more fintech based options is a very bold attempt to expand its horizons and not to make a shift of focus. The blockchain giant has gained a reputation for its intention to develop cryptocurrency products specifically for institutionalized clients.
The firm is also known for the provision of various institutional custody services for crypto assets, with Tagomi and Galaxy Digital as ones of its biggest clients.
Since its launch the Bakkt platform has continued to gain grounds in the crypto space.
Earlier in December 2019, Bakkt announced the addition of two more Bitcoin products to its platform, namely the Bakkt Bitcoin (USD) Monthly Options, which it claims is the first CFTC-regulated option on a futures contract for Bitcoin, and the Bakkt Bitcoin (USD) Cash Settled Futures.
Resolutions at the World Economic Forum
The 2020 WEF in Davos Switzerland, is one of the most divided in history as the United Kingdom unanimously decided to boycott the event due to a string of issues.
This years’ event themed ” Stakeholders for a Cohesive and Sustainable World” is geared towards creating a technologically advanced world that will further shrink the world into a global village.
Coinspeaker reported earlier in the week that the British Prime Minister Boris Johnson told the Parliament that Great Britain would rather focus on getting the nation ready for post-Brexit Britain, than attending the WEF at Davos.
While United States President Donald Trump was himself rather skeptical about the event, while France had optimistic intentions to mend its relationship with the U.S.