Bitcoin Futures Platform's Bakkt and ErisX are Both Racing Towards Bitcoin's Future

The institutional investors of the cryptocurrency have been looking for options that can help them break into the market. With companies like Bakkt and ErisX jumping in to the market, these investors are finding options in bitcoin derivatives products. Even though the conversation on the institutionalization of cryptocurrency often comes back to these two companies, the executives of each have much to say about their differences, according to The Block.

At an industry conference last week, CEO Thomas Chippas of ErisX and COO Adam White of Bakkt shared the stage to discuss the differences between what each one plans to offer. White, speaking on Bakkt, said that their project is more than offering institutional infrastructure like ErisX, CME, and Seed CX will offer, seeking out initiatives that they can support to promote adopting of crypto as well.

White believes that there needs to be more than just talking about investments and passing along the responsibility to someone else. Instead, he thinks that the crypto industry will see lower volumes, prices trending downward, and other negative changes because everyone is hoping for a change in blockchain that companies need to create. Companies also need to develop use cases that will stir up the market, which White believes that Bakkt is aiming to do as well, having already set up partnerships with Microsoft and Starbucks.

Speaking to The Block, Chippas said believes that Bakkt is looking to be both clearinghouse and payment processor, pitting themselves against Visa and Mastercard. However, the path ErisX is taking is more about offering a marketplace for trading commodities, while offering futures, giving the rest of the industry the chance to “go develop.”

The launch date for both ErisX and Bakkt is entirely uncertain at this point. Chippas noted that there is nothing he has heard in the direction of the regulator’s stance, though he said that the time is “probably not a problem,” even if it takes a few months.

White is not concerned either, recognizing that working with regulators is somewhat of a process. He added that it is important to understand the meaning of “hard fork,” “deep chain reorg,” and the differences in blockchains.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,484FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

Crypto Custodian, Anchorage, Adds Support for DeFi Tokens: BAL, NXM, AAVE, UNI, and YFI

Anchorage, the Delaware corporation headquartered in San Francisco, California, and digital asset custodian for institutional investors is diversifying its DeFi token options for its...

Coinbase Wallet Targeted by New Trojan Malware Dubbed ‘Alien’

The Coinbase wallet is among 226 Android applications targeted by a recently discovered Trojan dubbed ‘Alien.’ This malware mostly targets the financial services space...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today