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Bakkt Launch Date Announced: One Step Closer to Institutional Adoption

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Satoshi&Co Daily Crypto Newsletter

June 13 · Issue #194 · View online
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Check out past issues of the newsletter along with more interesting crypto content as well as our recently-launched podcast series with leading crypto industry participants at our newly-launched website

Institutional cryptocurrency platform Bakkt will begin testing its first product, physically-delivered bitcoin (BTC) futures on July 22, the company announced in a blog post on June 13. Bakkt, which has seen multiple delays over regulatory compliance since its original announcement in August 2018, will offer futures as the first in a series of offerings, full details of which remain unclear.
Backed by ICE, the parent company behind NYSE, Bakkt is considered a bellwether institutional crypto play that offers institutional grade trading services for physical Bitcoin futures. After having had a quiet 2018 in terms of trading volume, regulated Bitcoin futures products offered by leading exchanges are seeing a significant uptick in trading volumes, with CME having posted a record monthly Bitcoin futures daily trading volume last month at $515 million traded, in notional dollar values. CME also stated that the bitcoin product added 223 new trading accounts in May, the most it has seen since January 2018. This metric is a clear indication that institutional interest has indeed picked up.
With Bakkt’s launch, more and more institutional investors are expected to start trading Bitcoin futures. This could further push the envelope for mainstream institutional adoption.
Meanwhile in Crypto Wonderland....
“McAfee’s Crypto Exchange Goes Live”
Noted cybersecurity expert and eccentric crypto fan John McAfee has just launched a cryptocurrency trading platform. Dubbed “Magic,” the site is touted as allowing users to “trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually.” Notably, the exchange appears to be non-custodial, with users’ crypto holdings remaining on eight other exchange platforms. When a trade is executed, funds are transferred from those accounts to complete the transaction. To set this up, users will need to plug in APIs from their other exchanges.
“Bitrefill Raises $2 Million In Seed Capital”
Stockholm-based startup Bitrefill announced it has closed a late seed round of $2 million, led by Coin Ninja. The company wants to help people pay with their cryptocurrencies. It offers bitcoin gift cards and mobile refills; it is also building Lightning Network-based products and services. This year, the company released the Thor & Thor Turbo products to make onboarding to the Lightning Network easier. The company, which at the moment offers its services mainly to U.S. and European clients, is planning to use the funding to expand to other markets and launch new products. It will be able to make new hires, mainly expanding the staff of the Stockholm headquarters.
“Reuters, Bloomberg and TradingView To Create a New Crypto Index”
The half a million traditional traders that use the Reuters and Bloomberg financial terminals will now have access to an index for the 100 strongest-performing cryptocurrencies and tokens. The terminals’ support of the “CIX100” index — developed by AI-powered cryptocurrency index provider Cryptoindex — was revealed in a press release shared with Cointelegraph on June 13. CIX100 is the result of an analysis of over 1,800 coins, selected on the basis of their having consistently held a position in the top 200 for over three consecutive months and being traded on numerous exchanges, as well as on the basis of their social media popularity.
“Square Crypto Ropes In Ex-Google Executive”
Square Crypto, which until now only appeared to exist on social media, is the real deal. It’s been less than a month since Square Crypto announced they were nearing their maiden hire. Now the company made a splash by announcing on Twitter they lassoed Google alum and Silicon Valley angel investor Steve Lee for that distinction. Before the big reveal, Square Crypto teased its followers by claiming to have hired an intern named Gary, who apparently “loves blockchain.” That situation was short-lived, and the team quickly followed that joke up with the truth.
Tweet of the Day
Murad Mahmudov 🚀
By far the most important metric in cryptocurrency adoption is its market capitalization. Claiming anything else is crypto virtue signaling.
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