Bakkt Consumer App to Help Loop in Mainstream Users – Pantera Capital Partner

Must Read

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker...

Can XRP defend its price?

Could XRP defend its price action, and rise back to $0.30? Here is my view on how...

With a 110% increase in crypto wallet adoption rates in 2020 are we set for another Bitcoin boom?

2020 has been a massive year for crypto adoption. In July alone, over 3.5 million crypto wallet app downloads...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

The consumer app of ICE’s Bakkt that will be launched this summer will bring “accessibility, understanding, and utility to digital assets,” according to Paul Veradittakit, a partner at Pantera Capital, an institutional investor that recently contributed to Bakkt’s $300 million Series B funding.

In his blog post, Veradittakit said this is a “critical step” to boost the credibility of digital assets as legitimate and help “loop in mainstream users to the digital space.”

Launched in September 2019, Bakkt started as a regulated bitcoin custodian for institutional users but with its consumer app, it will expand its focus more broadly in order to include mainstream users. This, he said, “fits well with the broader financial trend of democratizing the space.”

In this app, a user will be able to manage all of their digital assets while being offered a checking account, rewards programs and much more. It will show why cryptos are useful, will drive user engagement, and identify new opportunities for both merchants and suppliers, Veradittakit said.

So far, the core product of Bakkt has been a digital wallet to manage all the digital assets from crypto, hotel stay points, game points, airplane miles, and USD. But they have plans for hosting equities and enabling equity trading as well.

Overall, the idea is to increase the accessibility to digital assets management and bolster mainstream interest and confidence in the crypto space.

Bitcoin Physical Delivery Jumps on Bakkt

In other news, the physical delivery of Bitcoin on Bakkt increased 44%, as of March 20.

“Physical BTC delivery on Bakkt increased 44% in March, although being relatively flat in USD. Despite the recent market instability, Bakkt seems relatively unaffected,” Arcane Research reported.

This has been despite the price of bitcoin falling to $3,850 in mid-March.

Bakkt, which started as the first platform to offer physical bitcoin delivery, had a rough start as it delivered only 15 Bitcoins in October and 17 the next month, however the trend seems to lift off this year. In December, it also launched cash-settled bitcoin futures.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...

BLOCKCHAIN OVERCOMES POSSIBILITY OF FRAUD, LACK OF TRANSPARENCY AND TRUST IN THE GAMBLING INDUSTRY

DATE: 07/08/2020 In a recent study carried out by the UK Gambling Commission reveals that the gambling industry has...

The Kuailian Ecosystem, Bringing Blockchain Technology To The World

10 years have passed since the birth of Bitcoin and the first use of Blockchain, a technology that has not stopped evolving,...