Tom Lee Claims Coinbase Will Lose Popularity to ICE's Bakkt Crypto Platform

Tom Lee of Fundstrat has something to say about the new ICE’s Bakkt and its superiority to nearly every other cryptocurrency exchange, available on the market. Bakkt is set for launch as of August 3rd, the day the announcement was made.

The International Stock Exchange under which the New York Stock Exchange operates as a subsidiary is ready to launch the new platform. Bakkt is a new worldwide ecosystem for use with virtual currencies. It has a design set for scalability to improve merchant services for institutions. Consumer involvement is also a must, to improve participation by consumers, Bakkt will focus on security and system functionality.

Bakkt’s main goal is to unlock the true potential of cryptocurrency. They see possibilities for digital assets that have no end, with the industry only just now starting to open. With more efficiency of services, combined with better security, they believe people will jump on the virtual bandwagon, to join other cryptocurrency users in the promise land. To see their vision through to fruition, Bakkt has partnered up with other tech leaders to create a transformational environment to help the world’s markets and commerce sites thrive.

Bakkt is different than existing platforms; by providing users with 1-day future contracts associated with corresponding physically exchanged Bitcoin, the company is changing the market.

Customers can now buy BTC one day, then expect expedient delivery of the currency the next business day in tangible form. It’s not the first time the industry has seen this, take the VanEck/SolidX Bitcoin ETF for example, it was backed by a commodity – making the ETF pointless. Now that physical Bitcoin is traded, the platform is closer to a normal cryptocurrency exchange platform like Coinbase.

However, the new Bakkt system is still very different than traditional platforms. One difference that sets it aside from exchanges like Binance, is it is owned by the ICE. The company is responsible for the financial management of large tech organizations and consumer business entities like Starbucks and Microsoft (not to mention the New York Stock Exchange). To put it lightly, the ICE and NYSE are heavy hitters in the investment industry. They are in good standings with some of the largest financial leaders like Fidelity Investment, JP Morgan and Charles Schwab. The move is carving a path for investors on Wall Street, to encourage them to participate in Bitcoin trading through traditional investment brokerages. Another difference is the financial backing the ICE has at its disposal.

The exchange has somewhere in the excess of $85 billion in resources with an annual revenue of roughly $6 billion. Money is not an issue for the ICE, thereby giving them more abilities to use for their ambitions.

Bakkt is also an ideal platform for bringing in the younger generation. While most older adults have more faith in banks and traditional financial institutions, the younger crowd doesn’t. In fact, it’s well-known that most of the younger people have a distrust for larger financial centers, preferring to use digital assets as a store of value. They are also more comfortable with making electronic transactions then older individuals are. But, with the new platform launch, the ICE can build trust with Millennials that are ready to invest into cryptocurrency.

Virtual currency is a desirable investment for most of them, offering the exchange a chance to capitalized once and for all on the younger market. Many young people have already invested in Bitcoin, Ethereum and other crypto-tokens, trusting them more-so than traditional stocks & bonds. Bakkt will open its doors to the trade industry sometime this winter, 2018.

What is your perception of Bakkt? Do you think it will challenge industry titans like Coinbase as the top crypto exchange in the US once launched in November? Feel free to tell us in the comment section below.

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Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

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