Bakkt Opens Long-Awaited Bitcoin Warehouse For Deposit and Withdrawal

By Alo Kingsley   Sep 09, 2019 1 Min Read

Bakkt has finally announced the launch of its long-awaited for the withdrawal and deposit of Bitcoin, Bakkt had said in its announcement that its potential clients are customers who are looking to deposit and withdraw Bitcoin.

 

First physical Bitcoin Futures 

In a tweet, the company mentioned that they are making arrangements for the introduction of its futures:

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They had assured the general public that the Bakkt warehouse - which is also a part of the Bakkt Trust Company - has been designed using the cyber and physical security protection which safeguards the most actively traded market in the world including the NYSE:

“In addition, the independent governance and compliance requirements of a qualified custodian mean that the Bakkt Warehouse is designed to meet the highest standards of oversight.”

This development is a big deal for Bitcoin as it happens to serve as a platform to give it more mainstream adoption, it affords people the opportunity to transfer their Bitcoin into the custody of a trusted and well-regulated system.

 

According to a report by Bloomberg, Bakkt will be the first publicly recognized and regulated platform to offer Bitcoin futures physically if launching is a success. Compared to the existing cash-settled Bitcoin futures offered by the Chicago Mercantile Exchange and the Chicago Board Options Exchange, the physically settled futures will allow its clients to receive their payments in Bitcoin when the futures expire.

 

 

Image via Shutterstock

About the author

Alo Kingsley    📧
A blockchain/cryptocurrency enthusiast and writer with immense interest in the decentralized power inherent in cryptocurrencies and the growth of the disruptive innovation of blockchain in, Africa.




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