The rumors that the Bakkt physically delivered bitcoin futures are going to be delayed have indeed been proven true. Bakkt has come out confirming that yes indeed they will not be making their 24th January that they had hoped after the previous delay. The CFTC has been delaying the process a little bit but it is just a delay and the guys as Bakkt have said that the launch will be in Q1 2019 and there will be an update soon about the exact date.
Bakkt has just closed a funding round of $182,500,000 which involves big investors such as CMT Digital, Boston Consulting Group, Eagle Seven, Galaxy Digital, Alan Howard, GoldFinch Partners, Horizons Ventures, InterContinental Exchange, M12, Microsoft’s Venture Capital Arm, PayU, Pantera Capital, fintech arm of Naspers and Protocol Ventures who have all put their money on the table backing Bakkt believing that they are probably going to be one of the biggest players in the crypto space.
Kelly Loeffler, the CEO of Bakkt said that their work is centered on driving institutional access for digital assets along with merchant and consumer uses and they are already expanding on this vision, collaborating with great companies like Starbucks in these efforts. They’ll share the details as the New Year unfolds but as their COO Adam White and Kelly have been working through the objectives of Bakkt, they are focused on opportunities to provide new infrastructure including the industry’s first institutional grade regulated exchange, clearing and warehousing services for physical delivery and storage.
Bakkt physically delivered bitcoin futures is just one of the many exciting things that they plan on doing. They also have a whole focus on bringing in merchants and consumers which is important as this is the thing that we all know that bitcoin needs: more merchant adoption and more retail user adoption.
The infrastructure being built right now in the crypto industry is massive. Anyone who thinks that the industry is dead or bitcoin is going to zero is seriously misinformed of the potential of the industry and of the assets representing that industry. It may take us some years before we can see real hardcore adoption of cryptocurrencies and price is surely going to follow that. When we have billions of people using bitcoin daily, imagine what that is going to do with the price.