Since last year, the Intercontinental Exchange (ICE) floated a payment and trading system known as Bakkt. The ICE also owns the New York Stock Exchange (NYSE) with Bakkt as a subsidiary.
The Bakkt platform is a properly regulated space that serves individuals as well as institutions by offering them services that help support and secure digital assets and also trade them. Bakkt has been working on its Bitcoin futures trading and recent information has it that the firm is also doing a lot more.
Mobile Platform – Bakkt Pay
The latest news on the Bakkt front is that the firm is getting closer to releasing a new product called Bakkt Pay. News of the possibility of a mobile platform started making the rounds when some months ago on its official website, Bakkt posted a few vacancies in the Careers section. The one that stood out the most was the position of a mobile app developer and its now being said that as soon as Bakkt’s Bitcoin futures trading is launched, the mobile application will also publicly see the light of day.
Earlier this month, a former Google consultant was hired by the start-up to help with designing the new payment platform. Chris Peterson, a UX consultant with more than 20 years experience, will also be working with Bakkt to also help with the firm’s outlook as more than just a futures trader.
At the moment, there isn’t a lot of information about the new application. However, there’s a part of the official Bakkt website that suggests that the firm’s interest in encouraging merchants to use digital assets.
The website says:
“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets.”
Bakkt and Starbucks
The above statement seems to be the actual path Bakkt intends to follow because a few months ago it was reported that the firm will be collaborating with one of the world’s biggest food companies, Starbucks. The coffee chain is one of the many companies that have publicly indicated interest to start receiving bitcoin payments and Bakkt is expected to bring their plan to fruition.
Now that there will be a new Bakkt payment application, it makes sense to assume that Starbucks will use it to receive payments from patrons. The application is expected to receive Bitcoin and immediately convert it to Fiat which will keep Starbucks insulated from any risks that might stem from volatility in cryptocurrency. Other firms that are working on accepting Bittcoin or already are, include Microsoft, Whole Foods, AT&T, Nordstrom and GameStop.
Bakkt Bitcoin Futures Coming Soon
Reports suggest that Bakkt bitcoin futures contract will soon be released for initial testing. The first group of testers will begin on the 22nd of July after a long period of fine-tuning in the background. Its also expected that the firm will record substantial investment when it launches, from both individual and institutional investors.
Bakkt is also working with BNY Mellon, a global investments company, to ensure proper custody of the Bitcoin contracts. The enthusiastic Chief Operating Officer (COO) of BNY Mellon, Adam White, said:
“Bakkt may be a form of moonshot, but it’s frounded in an earthbound endeavour to support the future of finance and the adoption of blockchain technology. In its own way, Bakkt’s efforts to help institutions launch safely into this market is the right stuff for the future.”