Finally, the date is set. The launch of Bakkt’s Bitcoin futures and custody platform is scheduled for September 23, 2019. That is expected to be a shot of adrenaline for the crypto industry. Additionally, analysts expect it to boost the flagship currency and present a knock-on effect on Ethereum.
Since the start of 2019, this launch has been much anticipated. However, the physically settled futures will, in theory, shift market composition to lean towards greater institutional influence. Bakkt is:
“A subsidiary of Intercontinental Exchange, the owner of the New York Stock Exchange. Bakkt aims to hasten the pace of institutional bitcoin adoption.”
The platform’s custody pitch for the best of class offering comes in its securing of around $125 million of insurance protection to cover its bitcoin ‘warehousing’ custody agreements. Bakkt has provided the Bitcoin price with multiple boosts over the past year, particularly when it was originally announced.
Bakkt, just like the other start-ups, will fight the Coinbase US behemoth that recently acquired Xapo from Wences Casares. Wences is an Argentina tech and crypto expert.
Ethereum 2.0 Roadmap
Ethereum, just like Bitcoin, also faces hiccups and regulatory issues with governments. However, Ethereum is a bit different since there is now a way forward towards Ethereum 2.0. The Bitcoin developers are facing many tech alterations in the future but they appear to be more incremental. An overall consensus roadmap for bitcoin is still lacking.
On the other hand, the Ethereum community has mapped out a definite route to a scaled future. For now, Ethereum 2.0’s roadmap is becoming just background noise. However, that is understandable due to the chaotic progress arising from network governance. However, none of Ethereum’s rivals has even come close to challenging its leading dominant position in dApps.
The importance of the launch is that Bakkt may unintentionally offer the Ethereum 2.0 future a strategic advantage with regards to adoption. When Bitcoin will evolve and start making sense again, Ethereum should come first in line for ‘inspection.’ Additionally, the Bakkt ecosystem may turn out to be one of the important legs for the future price support of Ethereum.
Thus, experts and commentators believe that Ethereum is set to benefit from the Bakkt launch just like Bitcoin will do. Moreover, if it becomes successful, the launch may encourage more institutional investors to dive into the crypto market thereby hastening the mass adoption of cryptocurrencies.