Bakkt is one of the most awaited platforms to be launched in 2019. The digital currency market is expecting since August 2018 the release of Bakkt’s products and services.
Bakkt Has a Very Low Risk
On April 11, Bakkt announced that they hired a new executive to be working in the project. The expert is Mike Blandina, a former executive at PayPal and Google. This shows that there is a clear interest in developing a good project, even when there were some regulatory issues with the launch of the platform.
Bakkt has a team of experts that includes Kelly Loeffler, Adam White, Tom Noonan, Jeff Sprecher, Sean Collins and many others. Moreover, the project has received investments from Mike Novogratz with Galaxy Digital, Fortress Capital, Pantera Capital, Boston Consulting Group and many others.
At the same time, the firm has already been working with Starbucks and Microsoft. This shows that two large and recognised companies in different fields have already given their support to the project. This shows that there is a viable proposal that has been backed by several investors and that is being developed by top executives.
According to Abacus Journal, one of the sources that invested in the firm, commented.
“You can never guarantee a win in venture capital or any such endeavour, but the risk/reward profile is seriously tipped in our favour as stakeholders. The team is as good as it gets, the tech has been in place for the better part of a decade (ICE), and planning for this moment has been going on for nearly four years. Our thesis, doubting this team would be foolish, so we remain very comfortable with our investment.”
Bakkt wants to provide Bitcoin futures trading contracts no-cash settled. That means that investors will be dealing with the underlying asset when operating these futures. At the same time, the company has been working in developing custody for virtual currencies.
Large investors were not able to place their funds in the space due to the lack of infrastructure for it. Custody was one of the main problems since larger investors want to have someone that will deal and hold the asset on their behalf rather than them managing the funds.
Now, it is just a matter of time to see Bakkt being released to the market.