Posted 3 years ago | by Ben Armstrong
Bakkt Allowing Crypto Deposits From Sept 6
The date for the long awaited launch of the Bakkt crypto trading platform on the New York Stock Exchange is on September 23rd.
In addition to this exciting announcement, as of September 6th, Bakkt will offer the safe storage of Bitcoin tokens. Their hope is that eventually, they will be able to accommodate all of three of the major tokens, including XRP.
On Sept 6, our Warehouse will begin offering secure storage of customer bitcoin to prepare for the launch of Bakkt Bitcoin Daily & Monthly Futures when they launch on Sept 23
These contracts will enable physical delivery of bitcoin with end-to-end regulated markets and custody
— Bakkt (@Bakkt) August 28, 2019
A New Way to Work with Cryptocurrencies
In order to facilitate this offer, the Bakkt crypto warehouse has secure online storage for crypto assets. To prepare for an expected massive increase of interest in digital assets, the technical team is constantly refining the platform. A platform that can be easily changed will be beneficial.
Although this situation is initially only for Bitcoin holders, it also could be significant for XRP. Huge interested in cryptocurrency could flood into the overall market when the Bakkt Bitcoin futures contracts launch on September 23rd.
Bakkt also has plans to add XRP and Ethereum to its list of digital assets, although no definite timeline has been given. Over time, there is the possibility that more digital assets will be added in the future.
Doors Open for Bakkt Crypto Investment
Obviously, the whole cryptocurrency ecosystem is still evolving, and it must appeal to serious players and investors as an invaluable alternative asset. Even if Bakkt does not list XRP for a few years, the renewed interest in cryptocurrency will fan the fires of the next bull run.
It is possible that history could repeat itself, and a bull run finale like that of December 2017 could transpire. In that 2017 finale, XRP rose to an impressive $3.60, and its return for the year hit 36,000%, as compared to Bitcoin’s 8000%.
Two additional potential factors that will impact the crypto market are the Bakkt launch and Bitcoin reward halving. It is thought that these events will motivate investors to trade further. Many investors have been waiting to see a return on their investments.
Options for Cryptos
When sudden interest in Bitcoin becomes excessive and inaccessible, some investors may look for cheaper cryptocurrencies for investment purposes. Therefore, an alternative like XRP rallies the “average Joes”, who have shown in the past that they can push the price to $3.60. But of course, the price can drop just as easily.
It is tempting to imagine what can happen if a larger percentage of eight billion people globally also invest in XRP. This is what investors of the project are counting on to see their portfolios grow.