After a record 1,199 contracts on Oct. 25, Mike Blandina, Bakkt's Product Manager, revealed that the company is launching another strategy after announcing the launch of its options for the month of December. Bakkt launches a consumer app so retail investors can "unlock the value of digital assets" through consumer payments.
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Bakkt Announces Crypto Consumer Application After Its Future Volume Record Record Record
Bakkt's physically regulated bitcoin futures are attracting more and more attention, with the market recording some new records since its launch. On October 11, Bakkt revealed that it had made its first bulk transaction while seeing a 796% increase in trading volume during a one-day trading session. A little over a week later, Bakkt's contracts reached a new milestone with the exchange of 640 BTCs on 23 October.
On both occasions, the rise in Bakkt term interest followed the huge price declines that BTC has suffered in recent weeks. Then, after BTC and the rest of cryptoconomy jumped 20% or more the next day, Bakkt again broke records. This time, Bakkt volumes recorded 1,179 contracts on October 25, and the volumes that followed were much larger. After Bakkt's new record, Bakkt's product manager Mike Blandina informed the public of a new consumer application launched by the company in 2020.
"We will launch a consumer application to enable consumers to easily discover and unlock the value of digital assets, as well as ways to treat or treat them. Merchants have access to more customers with increased spending power, "explained Blandina's blog in detail.
Bakkt's new app focuses on four key areas: infrastructure, accessibility, trust and ultimate control for the user
Blandina said Bakkt wanted to strengthen four key areas of the cryptocurrency ecosystem. A frictionless digital asset infrastructure, market accessibility, a trusted brand and a non-custodial solution "with the concept of a consumer-centric platform that offers ultimate control over their digital assets ".
∙ Current volume: 376 BTC
∙ Last traded price: $ 9,487.50
∙ Trading day progress: 39%
If this continues, 100% would equate to: 965 BTC
– Bakkt Volume Bot (@BakktBot) October 28, 2019
Derivative markets in the crypto space are not the only sector Bakkt wants to tackle, and by 2020 the company hopes to launch the new cryptocurrency-focused consumer app. "Over the past year, we have built a strong team of Payment Engineers and our core payments and compliance platform is about to be completed," said Blandina. The Bakkt Product Manager added:
We are now focusing on the development of the consumer application and the merchant portal, as well as testing with our first launch partner, Starbucks, which we expect in the first half of next year.
The news follows the recent announcement of Fidelity Investment when Financial Times (FT) journalists revealed that "Fidelity had deployed its cryptocurrency preservation business." The company's cryptocurrency unit was revealed in 2018 and, according to FT: "(Fidelity Digital Asset Services (FDAS))) is now engaged in a full roll-out of its custody and trading services for digital assets. Bakkt leader Blandina pointed out that the "fundamental principle" of Bakkt's strategy was similar in "unlocking the value of digital assets" through payments to consumers. Blandina concluded by explaining that interested parties can sign up now for quick access to the mainstream Bakkt application.
What do you think of Bakkt announcing a new application dedicated to consumer-oriented digital currencies? Tell us what you think about this topic in the comments section below.
Image credits: Shutterstock, Bakkt, Commons Wiki, Fair Use and Pixabay.
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