CEO of Bakkt has revealed that she intends to offer a “revolution” in the cryptocurrency sector which is similar to the energy trading that occurred almost two decades ago.
Crypto Revolution similar to the Energy market that occurred in the early 2000s
In an interview with Fortune, Kelly Loeffler, just immediately after Adam White (former Coinbase vice president) was hired as COO of Bakkt, made a forecast of a similar performance of market-making moves of the ICE which happened last decade.
Since the announcement of Bakkt in July, it has generated a lot of interest, and is now set to launch in November. Bakkt’s CEO revealed to the publication saying that: “The digital market is fragmented like the energy market in the early 2000s. ICE was the pioneer attracting more and more institutions to trade energy, which is what created today’s liquid market. We’re about to see a revolution on the same scale in cryptocurrencies.”
Bakkt has plans to avoid trading products that are disliked as well as those they have limited access to, for its largely increasing institutional investor base, thereby bringing a sigh of relief to cryptocurrency figures in the industry having fears that, without physical interaction with Bitcoin, its profile will be damaged as well as its success.
On Monday, Loeffler in a blog post, gave an added assurance. She wrote: “These points should also eliminate misconceptions regarding commingling, leverage and rehypothecation, which are not features of our offering.”
Coinbase in a bid to attract the institutional market as well, launched its Coinbase Pro platform at the start of 2018 and has also assured that from then, it would add new crypto-assets to develop its functions.
Wall Street offerings such as Goldman Sachs, Citigroup and Morgan Stanley, will now face a tough competition with ICE, all of which have made their intentions clear to be active in the trading sector.
White, repeating the commonly-heard narrative about the space in its present form: that institutional investor interest is real, but a lot of people are biding their time waiting for suitable support, told Fortune that: “But the level of infrastructure of the existing trading sites often didn’t meet their expectations. That’s why they’re waiting on the sidelines. Cryptocurrency markets go their own way, we see bull and bear markets. But what matters is that the number of daily transactions for all cryptocurrencies is up year over year.”