- After a disappointing activity in last quarter of 2019, 2020 records a significant increase
- Bakkt consumer app to help loop in mainstream users – Paul Veradittakit, partner at Bakkt investor, Pantera Capital
The physical delivery of Bitcoin on ICE’s Bakkt is looking to be moving in the opposite direction of price.
This month, Bitcoin price went down as low as $3,850 on March 12th however, the physical delivery of Bitcoin had a record increase of 44%. As of March 20, nearly 300 BTC were delivered. However, the USD value of the Bitcoin delivery saw a decline.
“Physical BTC delivery on Bakkt increased 44% in March, although being relatively flat in USD. Despite the recent market instability, Bakkt seems relatively unaffected,” reported Arcane Research.
Unlike the last quarter of 2019, when the bitcoin physical delivery was extremely low at below 25 BTC, the first quarter of 2020 is seeing a much-heightened delivery, March more so.
Bakkt was launched in September last year as the first such platform to offer physical bitcoin delivery. Unlike the other cash-settled bitcoin futures, these products have been expected to bump up the market activity in bitcoins.
However, as we noted last year, the activity has been underwhelming, to say the least as in October, Bakkt delivered 15 bitcoins adding two more in the next month. But it has started to see a jump as users go for their bitcoins.
In December however, the company launched cash-settled bitcoin futures along with bitcoin options.
Bakkt Consumer App to Help Loop in Mainstream users
Elsewhere, Paul Veradittakit, a partner at Pantera Capital talked about Bakkt’s upcoming mobile app being a “critical step” to bolster the credibility of crypto assets as legitimate.
Recently, the platform closed a $300 million Series B led by Pantera Capital, ICE, Microsoft’s M12, BCG, and others.
In this app, a user can manage all of their digital assets while offering rewards programs and a checking account. This app is key because it shows why cryptocurrencies are useful, drives user engagement, and identifies new opportunities for both suppliers and merchants, said Veradittakit.
Bakkt’s consumer app that will be launched in the summer will bring “accessibility, understanding, and utility to digital assets.” This he said is a step forward in “helping loop in mainstream users to the digital space.”