Galaxy Digital and OTC Firm XBTO Conduct First Block Trades On Bakkt

    Bakkt was launched recently, but the platform is already carving its niche in the market. This week, the crypto investment fund Galaxy Digital and the over the counter (OTC) desk XBTO were the first companies to conduct a block trade using Bakkt’s BTC futures contracts.

    According to the announcement made by Bakkt’s parent Intercontinental Exchange (ICE), the trade was made recently. Its size, however, was not disclosed by ICE.

    In case you are not familiar with the term, a block trade is a large kind of transaction that happened in an open market to avoid moving the prices too much to either side.

    XBTO also affirmed that it bought its first futures last week, after the launch. The company is engaged with Bakkt since the platform went online.

    Bakkt’s Launch Was Not As Successful As Some People Expected

    Unfortunately, it seems that the launch of the platform was not as successful as some people wanted it to be. The disappointing launch was the volume of the exchange in around five days be just over $5 million USD. Bakkt was in the making for two whole years, so the expectations for the platform were quite high.

    Despite the launch, however, both XBTO and Galaxy Digital believe that the future of the platform holds a lot of promise. According to the companies, cryptos will mature as an asset class soon and the launch of the platform was an important foundation that will help the market to grow.

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    Silvia A
    Silvia A
    Though relatively new to the cryptocurrency and blockchain space, Silvia has a strong interest in the field and a love of writing as well. She brings an interesting take to current happenings in the industry and enjoys introducing the latest developments to cryptocurrency and blockchain enthusiasts alike. She’s excited to promote a vibrant and fresh discussion as the industry continues to develop and move forward.

    [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.

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