Jun 10, 2020 18:30 UTC
Jun 10, 2020 at 18:30 UTC
Mike Novogratz is Proud to Have Partnership with Bakkt
In a recent tweet, Mike Novogratz, CEO of Galaxy Digital, says that he’s ‘proud’ of his company’s ongoing partnership with Bakkt, a cryptocurrency subsidiary owned by Intercontinental Exchange.
The two firms have collaborated to offer a ‘white-glove’ Bitcoin service that will permit deep-pocketed institutional customers to purchase, trade, and store Bitcoin, as per a recently published press release.
Solid Institutional Interest
2020 wasn’t especially kind to both Bakkt and Galaxy Digital. The previous saw its Bitcoin options slumping wretchedly with actually zero enthusiasm from traders while the last is relied upon to broaden its dash of misfortunes because of the pandemic-driven market crash in March.
Nonetheless, John Conneely, who manages Bakkt’s custody business, reveals to Bloomberg that they are presently observing mushrooming institutional interest for digital currencies.
“This partnership that we put in place was really in response to demand we’ve been seeing in the last three months from institutions with a capital ‘I’.”
Wall Street is presently another encouraging sign for the fledgling industry after amazing speculative stock investments chief Paul Tudor Jones revealed his Bitcoin bet back in May.
As previously reported, mutual funds titan Fidelity Investments recently disclosed that Bitcoin was at that point possessed by in excess of a fourth of near 800 surveyed institutions.
The Lines Are Obscuring
Galaxy Digital Trading’s Tim Plakas said that their partnership with Bakkt additionally mirrors the development of crypto-related brokerage services.
“In the digital-asset space there’s a large push toward offering prime brokerage services that don’t exist in a very mature way.”
Meanwhile, Messari’s specialist Ryan Watkins believes that the fact different firms are scrambling to offer Bitcoin services to institutional investors ought to be treated as a bullish sign.
Watkins likewise featured how the lines between major cryptocurrency companies, for example, Bakkt, Binance, and Coinbase, were blurring, which underscores the general assembly pattern inside the business.