Bakkt’s BTC Futures Plan Boosted By Crypto ‘Winter’
Crypto winter has proven to be a boon when talking about much-awaited Bitcoin futures exchange Bakkt. This is according to an executive from the company’s parent firm. Here is everything about it in a nutshell.
The Crypto ‘Winter’
According to the CEO of Intercontinental Exchange named Jeffrey Sprecher, the current bear market appears to be quite helpful for Bakkt. The executive reportedly revealed the narrative during the firm’s Q1 earnings call.
It is worth noting that Bakkt was originally planned for a launch back in December. However, it was postponed and moved to January. Then again, the launch was delayed indefinitely.
Sprecher said that the existence of the so-called crypto winter in the digital currency market has somewhat helped Bakkt. This is, according to him, due to the fact that it took some of the heat off when it comes to the timeline of the aforementioned launch.
Just Another Benefit
The CEO further said that this is just one of the benefits. Another interesting one is that a good number of crypto startups’ valuations have plummeted. As a result, a lot of buying opportunities have been created solely for the BTC futures exchange.
Sprecher revealed that they have started looking at a handful of different companies, while suggesting the fact that they have already acquired one earlier. He said that this would have been impossible had the market did not become hot, which is the same thing that had happened to valuations.
The Role of Bear Market
Interestingly, Bakkt recently announced that it was successful in acquiring Digital Asset Custody Company (DACC). The latter is basically a company that is said to be developing a cryptocurrency-asset storage platform, although the price remains uncertain.
With that said, the industry has managed to be consistent in its maturity, something that the company has helped in doing so. Sprecher said that the firm is responsible for bringing a deluge of engineers, thanks to its recent acquisitions.
Apparently, the bear market has been a huge player in this narrative. That is because it gave both regulators and legislators in the United States a good amount of time to determine a process of regulating the space. The only catch, however, is that the CEO did not reveal just how much exactly the ICE has spent on Bakkt to date. The parent company is expected to invested millions sometime this year.