All seems to be on well with the bitcoin derivatives provider, Bakkt. They are planning to launch its crypto consumer app as well as the merchant portal in the first half of 2020. The app is meant to allow consumers to seamlessly use digital assets whenever they make purchases of goods from merchants.
According to the firm’s blog post, Chief product officer, Mike Blandina states that the consumer app will help the consumers to discover as well as unlock the value of the digital assets. Moreover, it will open several other ways to transact or track the assets.
Interestingly, to be launched, consumer app is said to support other cryptocurrencies apart from the only bitcoin that Bakkt and its parent company Intercontinental Exchange currently provide futures contracts for.
Clearly, the announcement shows the desire by Bakkt to speed the conversion of digital assets into useful local payment systems. However, the mechanism to be used to exchange the assets at the point-of-sale is still unclear.
Starbucks on Board
Blandina adds that the company plans to test the app and the merchant portal with the coffee empire Starbucks, which is its first launch partner. At the beginning of the year, it was reported that Starbucks was to receive a generous equity deal being part of the partnership with Bakkt.
Starbucks will be developing practical, trusted as well as regulated applications for its consumers to easily convert the digital assets into USD for use at the coffee empire.
Bakkt’s Bitcoin Futures New Record
Also, the good news from the house of Bakkt is the likelihood of a new record for its bitcoin futures. One thing for sure, Bakkt has indeed been busy over the recent months. Last month, the company opened trading of the physically delivered Bitcoin futures on its platform.
And now, after just hitting an all-time high on October 23 with 640 BTC, the platform is on the verge of smashing yet another record. As things currently stand, everything is pointing to a new all-time high in the near future.
Another stellar performance was smashed again, whereby Bakkt facilitated 1,179 bitcoin futures contracts. The excellent run of the futures contracts can be attributed to a healthier revival of bitcoin, which is on the rise.
With the futures contracts trading volume already at over 250 BTC with a trading day progress at 3%, which means if it continues, 100% would mean 800 BTC. It seems everything is in place for a new record within the day.