Market Set For A Resurgence As Bakkt Launches Its Warehouse For Bitcoin Deposits And Withdrawals

Bakkt Announces The Start Of BTC Custody Services Ahead Of Official Launch On September 23
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The world of cryptocurrency is one step closer to experiencing the benefits of Bitcoin Futures through the intercontinental exchange platform Bakkt as the exchange has just unveiled the launch of its warehouse. The tweet which took Crypto-twitter by storm has garnered more than 3000 likes, leaving cryptocurrency users in excitement.

In the twitter post which was made by Bakkt’s official account, it was further revealed that although it will only provide users with the service of BTC transfer and withdraw, Bitcoin futures will be available within the next 17 days.

“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, Twitter.

In a bid to affirm credibility, Bakkt also made sure to mention that it is fully regulated by the NYDFS.

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“It is regulated by the New York State Department of Financial Services (NYDFS) as a Limited Purpose Trust Company, providing customers with a Qualified Custodian of bitcoin”.

Since its launch in 2018, Bakkt has caused quite a stir amongst cryptocurrency traders and investors, not only because it prides itself as a partner with ICE Futures, Bakkt has also been endorsed by the United States Commodity Futures Trading Commissions.

Bloomberg also noted that as opposed to Chicago’s Board Options and its Mercantile exchange, Bakkt will serve its customers with the opportunity to still receive Bitcoin payment despite the expiration of the future’s contract.

Meanwhile, Bakkt is being speculated as to be the next catalyst for a Bitcoin bull run as well as a tool that could stabilize Bitcoin prices as well as building liquidity for the big bull.

“Reminder, the hype is bakkt with substance.

Unlike other futures exchanges, this is settled in bitcoin. Actual bitcoin is paid out, not just the fiat equivalent to the price of bitcoin.

The result is better price discovery and liquidity for bitcoin.” Crypto analyst, Rhythm.

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