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Bakkt announced that it is opening a Warehouse. Its potential clients are those customers willing to deposit Bitcoin as well as withdraw it. It seems that the company is preparing for the introduction of its futures.
As they said in their tweet:
Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23
The availability of physical delivery brings more flexibility in managing bitcoin exposure
— Bakkt (@Bakkt) September 6, 2019
Also, few they ago, they said that the Bakkt Warehouse, which is part of the Bakkt Trust Company, is built using the cyber and physical security protections that support the world’s most actively traded markets, including the NYSE.
“In addition, the independent governance and compliance requirements of a qualified custodian mean that the Bakkt Warehouse is designed to meet the highest standards of oversight.”
This evolution represents a huge deal for the crypto community as investors are finally able to put their money into a product that is fully-regulated and tractable and one that also delivers Bitcoin instead of cash when contracts close, which is the state of other futures contracts such as those at the Chicago Mercantile Exchange.
We already reported today that a $1 billion Bitcoin (BTC) transaction became conspicuous because its sender spent far too much on fees. Some are guessing at the origin and destination of the funds with some believing it’s tied with Bakkt.
Still there is no official comment from the company but, as we could predict, Twitter community immediately reacted to Bakkt’s post. Most of the tweets showed approval and happiness as many members of the community believe that Bakkt’s attack onto the crypto-market is of utter importance for its further evolution.
However, it’s interesting that one of the first to react were the members of the XRP community, famous for their toughness, were quick to react to the tweet. Some users went on questioning: “when #xrp?”
— XRPWELDED⚡️ (@xrpwelded) September 6, 2019
We would love XRP
— mikesignorile (@mikesignorile1) September 6, 2019
Whether XRP happens or not is a secondary issue now. For what it matters, Bakkt is holding up to its plans and that’s important. The existence of big institutional players on the cryptomarket is important in order to become massively adopted. Of course, it would be foolish to presume that immediately it will become mainstream. However, it is a huge step in the right direction, as it means that BTC and the rest of the gang are here to stay.
This storage started weeks before the scheduled launch of its platform for daily and monthly crypto futures in the United States on Sept. 23. The platform will enable physical delivery of Bitcoin with end-to-end regulated markets and custody.
At the time of writing Bitcoin went up by 2.87% to $10,874.24.