Bakkt crypto platform has launched a test of its application for payments in digital money

Colin Baseman

Bakkt crypto platform has launched testing of a consumer payment application. It will provide customers with the opportunity to pay for services with digital assets. In the article "What is Bakkt?"you can learn more about the features of this platform.

Plans for the development of Bakkt

The final version of the app will be launched in the first half of this year. The Starbucks coffee chain should be the first partner of the platform to be connected to the program.

The developer has not yet disclosed what functions the program will perform. According to preliminary data, it will allow you to access "a wide range of digital assets, among which cryptocurrencies occupy an important place". The app will allow you to use your smartphone to pay for products from Starbucks coffee shops and other outlets.

Mike Blandin, then head of product at Bakkt, noted, "We plan to launch the app in the first half of 2020, with Starbucks becoming our first partner." The top manager continued, "A consumer app will be launched to reveal the value of crypto assets and new methods of tracking and transmitting them. Retail outlets will have access to an extended range of users with good purchasing power."

According to Blandin, the app can use more than just Bitcoin. He noted, "The main feature of the created model lies in the support of an increased list of crypto assets, including digital currencies."

An absolute record was recorded on the Bakkt platform during the bearish trend

On large volumes in November 2019, the cost of Bitcoin is below the $ 9,000 mark. To do this, the price broke through the powerful support provided by the 200-day MA.

As a result, the number of monthly futures traded on the site set an absolute record – 1741, which corresponds to more than 15 million dollars. The indicator is 109% higher than the previous day.

Bakkt plans to launch settlement futures for Bitcoin

The Bakkt cryptocurrency trading platform plans to include settlement futures for Bitcoin in the offered services.

Edam White, the platform's top manager, said during a speech at the CoinDesk Invest conference that the Intercontinental Exchange Department is working on developing a new product. The top manager noted, "We plan to offer clients contracts that are defined in Fiat currencies."

Mr. White said that the launch of the product will be made due to the presence of consumer demand for it. The contracts will be based on information about monthly futures that involve physical delivery of cryptocurrency.

The new tools will be launched on the basis of the ICE Clear Singapore clearing center, and the ICE Futures Singapore service will be used for trading. Users from all over the world will have access to futures contracts. Bakkt is in talks with the Singapore regulator to resolve regulatory issues.

Bakkt replaced the Director

Intercontinental Exchange, which is the operator of the Bakkt platform, announced the appointment of Michael Blandin as Executive Director. In the past, he served as product director. Previously, the Executive Director's seat was held by Kelly Loffler, but she was chosen as a Georgia Senator.

Myle Blandin has experience working for Westfield, Blackhawk Network, PayPal, OneMarket, and Google. At the same time, Adam White became President of Bakkt. Previously, he worked as a top Manager at Coinbase.

The Bakkt platform was launched in September 2019. Before that, the start of the site was postponed several times. The first product of the service is bitcoin delivery futures.

In November, the platform began testing a payment application for consumers, through which customers can pay with cryptocurrency for various services and products.

New cryptocurrency derivatives available on Bakkt

On December 9, Bakkt offered its clients options and settlement futures for Bitcoin. The parent company of the ice platform opened a futures oil contract with delivery, this was done back in 2001. Since then, more than a hundred oil derivatives have been launched.

Bakkt intends to similarly release new products that will be based on the bitcoin delivery futures.

Bakkt named the conditions that will determine the success of Bitcoin

The platform is primarily focused on institutional investors. Recently, there has been a massive adoption of cryptographic currencies, which brings the consumer aspect to the forefront. The head of Bakkt, Edam White, noted that when releasing products, the company tries to avoid the possibility of using market speculation by participants. He focused on the fact that the organization's offer helps clients navigate the market value of Bitcoin and insure various risks.

Adam White noted, "People should try using crypto assets, such as bitcoin, to solve real difficulties. We call it utility and acceptance." According to him, Bakkt has its own division working on the formation of new services and products that are designed to increase the acceptance of digital coins. White did not give details, including possible partnerships.

Bakkt CEO commented on the increasing interest in the stablecoin sphere. The chief operating officer treats them neutrally. He is much more interested in events that occur with such assets.

The Bitcoin derivatives trading platform Bakkt is actively expanding the list of products offered, setting record after record. Therefore, if you are interested in futures or options for cryptocurrencies, be sure to try this platform. Many people are completely satisfied with it, and they become regular customers.