The Upcoming Platform Bakkt to be Superior to Coinbase, Said Tom Lee
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Co-founder of Fundstrat Global, Tom Lee, has expressed his view on the Intercontinental Exchange (ICE)’s upcoming platform Bakkt and its benefits compared to the already existing cryptocurrency trading platforms.
The New York Stock Exchange (NYSE)’s parent company ICE revealed on 3 August it will release a global digital asset platform dubbed Bakkt.
Bakkt CEO Kelly Loeffler explained:
“Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility. […] We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”
Why is Bakkt different?
But how is Bakkt different from other cryptocurrency exchanges? Tom Lee, Co-Founder & Head Analyst of Fundstrat Global Advisors unveiled several important details.
According to him, Bakkt is physically transferring Bitcoin (BTC) on the first day of the transaction, after which the buyer receives the contract itself on the following day. The concept can be considered the same as the one found in Bitcoin ETF proposals.
Many of us will say it looks like standard cryptocurrency trading platforms such as Binance and Coinbase. However, Lee declared there are some visible differences.
The very fact that Bakkt is under the tutelage of a giant like the Intercontinental Exchange (ICE) means that the platform will have coverage and an initial propulsion support on the crypto market. As reported by Lee, the parent company has already negotiated partnerships with financial giants such as JPMorgan and Fidelity Investment and Charles Schwab.
Tom Lee also pointed out that Bakkt can be considered an important pillar that will make users be confident in financial institutions and promote the adoption of crypto as a trustworthy measure.
“Millenials don’t trust traditional financial institutions. To gain their trust, banks, brokerages, and asset managers can use a currency taht millenials believe in, like Bitcoin. Using digital currencies brings a lot of sizzle.”
Author: Adriana Midrigan
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