THELOGICALINDIAN - Fundstrats Tom Lee provides his two cents on ICEs Bakkt and its key advantages compared to absolute cryptocurrency exchanges
The Intercontinental Exchange (ICE), ancestor aggregation of the New York Stock Exchange (NYSE), announced August 3 that it will barrage Bakkt – a all-around belvedere as able-bodied as an ecosystem for agenda assets. CEO of Bakkt, Kelly Loeffler, acclaimed that:
But what makes Bakkt different?
Bitcoin permabull Tom Lee, Co-Founder & Head Analyst of Fundstrat Global Advisors, shared some important insights.
He addendum that Bakkt is bringing 1-day futures affairs of physically delivered bitcoin area the arrangement client will accept his BTC the afterward day. This is agnate to the article backed VanEck/SolidX bitcoin ETF proposal, which arguably makes a Bitcoin ETF redundant.
With bitcoins absolutely actuality traded, the belvedere resembles archetypal cryptocurrency exchanges like Binance and Coinbase. Nevertheless, Bakkt offers some audible advantages compared to these accepted trading platforms, according to Lee.
The actuality that Bakkt is endemic by the ancestor aggregation of the NYSE and has abutment from companies such as Microsoft and Starbucks is a big deal.
According to Lee, ICE already accustomed trading relationships with above banks such as JPMorgan and with brokers such as Fidelity Investment and Charles Schwab. What this does is paving the way for acceptable investors to admission Bitcoin through their brokers.
Furthermore, ICE itself has abundant banking resources. With $85 billion in assets and $6 billion in revenues, the aggregation provides a solid foundation for its agenda assets platform.
“ICE is the counterparty to the trade… ICE has amazing banking assets with revs $6 billion and $85 billion in assets. As a custodian/counterparty, money good,” Lee wrote.
Lee additionally addendum that Bakkt can serve as a arch for millennials who don’t assurance acceptable banking institutions and are all-embracing agenda payments. He quotes the CEO of ICE Jeff Sprecher, who noted:
Bitcoinist reported on a contempo analysis which adumbrated that a growing cardinal of millennials are absolutely advance in cryptocurrencies, while the majority of them are axis abroad from acceptable retirement funds.
Bakkt is appointed to barrage at some point in November this year.
What do you anticipate of Bakkt? Don’t alternate to let us apperceive in the comments below!
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