Bakkt Launch has been the discussion of the crypto community for at least 6 months to now. Discussions about it d to that. But it has first to be approved and from the CFTC. And things at CFTC office seems slow because of the US government shutdown.
In any case, that isn’t slowing the internal activities of Bakkt, its staff, and the groups work around the clock creating the exchanges controlled by ICE. The marketing buzz that can felt among those associated with the Bakkt is exploding. Work is being done and arrangements are in full rigging.
The expected thing is that CFTC approval will come soon after the reopening of activities at the CFTC following the end of the government shutdown. Then this huge bitcoin exchange created for institutional investors will launch like a rocket.
Big names have already connected with Bakkt in their initial round of funding. Galaxy Digital, Fortress, Horizon Ventures and a large group of others.
The company main target is not the increase of bitcoin trading volume or price, but instead the mass adoption of their product for day to day usage. Here is a statement expressed by Maria Smith, Vice President, Partnerships and Payments for Starbucks:
“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks. As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.”
At the end of the day, the competition to be the leading exchange for institutional investors isn’t, but instead the real daily use and mass adoption. Imagine if you can go to Starbucks and pay with a push of a button at one of the biggest retail chains on the planet.
So Bakkt is getting ready to launch a totally new asset into the commodities space.
The Bakkt group is working angrily as they get ready for a promoting and execution barrage that they accept will deliver enormous volumes and draw in all way of institutional customers, very rapidly.
A source with information about Bakkt arrangements expressed expectations once CFTC approval happens:
“Take a close look at the increased public dialogue that Bakkt is having with the crypto and financial community. Whether it is a Medium post by Kelly (Kelly Loeffler, CEO of Bakkt) or social media posts meant to continue to build a Bakkt narrative, the PR and marketing ramp up is preparing for launch and all that comes with it.”
“Once launch occurs you can expect Bakkt leadership to be all over the airwaves and in front of TV cameras preaching the Bakkt gospel. And that can be characterized as the safety, custody, and daily use case ecosystem that Bakkt provides to investors. Kelly is uniquely qualified to tell that story and will be a media darling.”
Talking more with sources familiar to Bakkt about on where Bakkt is going once approval is settled. The Starbucks projection into crypto is a 2020 undertaking project and will be cautiously discussed. So as not to fall into the snare of overpromising or underdelivering.
When Bakkt launches the familial connections to ICE and Microsoft will be featured regularly as those are big names trusted from institutional investors and big banks.
Further, you can expect the message to be spread in the biggest of media associations like the Wall Street Journal, CNBC, New York Times, Bloomberg and such.
Bakkt needs to create a tight institutional relationship providing safety and seriosity for digital currencies which are frequently prove of unpleasant events.
Bakkt released details about their product the past month.
Mass adoption, real-world usage, partnerships, ICE, Starbucks, Microsoft, and other important elements. Maybe Bakkt launch will be the end of the long bear market in crypto and the start of a new bull run.