Is Bakkt a good crypto trading platform?

Bakkt is a crypto trading platform with serious clout behind it. The company is backed and supported by the Intercontinental Exchange (ICE), which owns the New York Stock Exchange (NYSE). It hopes to rival giants like Robinhood and Coinbase by adding popular features, rewards programs, and Venmo-like payment services that most exchanges lack.

Where does Bakkt store bitcoin?

All the Bitcoin used to back the trades is stored in Bakkt's secure custody. Bakkt is owned by the Intercontinental Exchange. Image: Shutterstock. So, Bakkt looks after the Bitcoin on behalf of ICE, which enables institutional investors to speculate on it in the form of futures trading.

What is Bakkt & how does it work?

Bakkt is a platform for institutional investors to buy, sell, and store digital assets on a global network. The idea is that Bakkt gives investors the chance to trade assets and futures based in Bitcoin the same way they would traditional currencies and commodities. Bakkt also offers warehouse storage for the safekeeping of Bitcoin.

When did Bakkt release its bitcoin futures platform?

Bakkt was able to release its bitcoin futures platform in September 2019, although the volume on the exchange following the release was much lower than anticipated. Bakkt partnered with multiple organizations to build its platform, including Boston Consulting Group (BCG), Microsoft and Starbucks.