Investors are now forecasting a better future of Bitcoin and the entire cryptocurrency market as the Intercontinental Exchange’s (ICE) Bakkt could receive US government approval for its venture by the end of this year.
After its epic 2017 bull run from US$1,000 to US$20,000, Bitcoin has struggled over the last year as the market nurses a hangover. Furthermore, the bitcoin price has so far failed to break out of its long-running bear market in 2019. Once Bakkt receives green light from the US Commodity Futures Trading Commission (CFTC), the proposed Bitcoin futures trading system could boost the Bitcoin market.
In the recent past, many financial institutions have sat on the crypto sidelines due to the lack of US regulatory approval. And Bakkt appeals to some renowned financial institutions. Bakkt has always sought to create more than a liquid, well-policed, US regulatory-approved market to trade bitcoin, and provide a scalable system for consumers, merchants, and businesses to use Bitcoin to conduct cost-efficient global commerce. It has been specifically developed to facilitate trading and strengthen the fundamentals of Bitcoin.
According to Bakkt, partnerships with tech giant Microsoft and retailer Starbucks will help develop the ‘next gen’ applications that are vital to fuel mass adoption of cryptocurrency.
Earlier, the launch of ICE’s Bakkt has been repeatedly postponed because of the government shutdown and the absence of CFTC regulatory approval. The Bakkt bitcoin platform is being developed with New York Stock Exchange owner Intercontinental Exchange and is expected to launch later this year. Bakkt has already raised US$182 million for the venture and has itself invested substantially in the project, estimating its annual costs at over US$20 million.
With an extraordinary record of creating, revitalizing, and optimizing regulated financial exchanges, Intercontinental Exchange (ICE) is the most successful operator of financial exchanges in the world. Led by visionary entrepreneur Jeffrey Sprecher, ICE owns The New York Stock Exchange and leading futures exchanges and also sells data on exchange pricing and analytics.
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