The crypto market has been expanding exponentially over the last few years. Bitcoin is now something of a household name. The entrance of institutional investors as well as interest by corporate other than crypto exchanges has rendered even more spotlight on cryptocurrencies, with Bitcoin shining the brightest.
For months, Bakkt has been gearing up for the launch of a one-of-a-kind Bitcoin futures trading and custodial business model that’s meant to bring in even more into the Bitcoin market.
Now, the long wait seems to have come to an end as Bakkt announces plans to start offering Bitcoin custodial services in preparing for a later official launch of the platform.
The company sent out a tweet announcing the new development on 28 August 2019, stating that the services will commence on September 6th and that the launch will happen on September 23rd.
Bitcoin Settlements
Bakkt’s operating model is primarily centered on issuing trade settlements in Bitcoin rather than the fiat equivalent of the profits made. In fact, one of the contributors on the thread pointed this out in a comment.
Could Other Cryptos Follow?
Bakkt’s launch of a credible Bitcoin futures trading platform is bound to attract a lot of attention within the crypto community as well as the financial and banking industry as a whole.
As a matter of fact, many have come out to suggest that Bitcoin may be just the first of the many crypto future trading services to be offered later on.
Responding to Bakkt’s tweet, a number of fans petitioned the company to also start offering such services covering the likes of Litecoin and XRP. At the moment, it’s not absolutely clear whether Bakkt might later consider these requests, although a lot of people expect other cryptos to be included if the Bitcoin project works out fine.
