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.