Everyone remembers the super hyped launch of Bakkt and the crazy alt season, price increases and the interest it was supposed to generate.
None of that happened and hope for the platform has declined since launch day but don’t be fooled, Bakkt is a sleeping juggernaut waiting to explode.
We’ll be launching a consumer app to make it easy for consumers to discover and unlock the value of digital assets, as well as ways in which they can transact or track them. We’re working to reduce friction in the use of digital assets to reflect their aggregate value and to reflect an increase in purchasing power that was previously siloed
Forbes recently reported Bitcoin trading volume exploded by 800%, after a sluggish start Bakkt keeps breaking records for BTC traded in one day.
While this does not mean revolution it shows institutional investment warming to this new asset class, their new app should cause far more of an impact.
Part of the issue with digital assets is pinned on their volatility and the huge uncertainty they represent, more so for old school wealthy investors.
Bakkt was designed to counter these worries bringing Bitcoin and digital currencies to the masses with bank-grade storage insured up to $125 million.
I have strong conviction that by driving more integration and efficiency across digital wallets, transaction processing and payment acceptance, there are meaningful opportunities for merchants and consumers to seamlessly interact using digital assets in ways that have not been previously considered. It is often said that digital assets will be successful when consumers don’t have to think about the technology underlying them.
Mike Blandina - Bakkt Chief Product Officer
Almost a year ago CoinGape reported that Bakkt was considering adding other digital assets to its platform such as XRP, ETH. LTC for example.
As XRP legend Kevin Cage points out below, Bakkt would have to be out of their minds not to add XRP to their app or platform for obvious reasons.
According to its website, Bakkt plans to launch its app with a consumer and merchant portal which will be tested with major partner Starbucks.
One thing is for sure if they use Bitcoin for this test run then there are going to be a lot of unhappy and despondent customers waiting for completion.
All of these efforts amount to supporting the flywheel that drives broader acceptance, which is at the core of our mission that we will continue to bring to reality in 2020. Over the last year, we’ve assembled a strong team of payments engineers and are nearing completion of our core payments and compliance platform
Putting it bluntly, Bakkt would have to be a new kind of special to overlook XRP not just for trading but for its far quicker and cheaper utility potential.
Bakkt intend to allow customers to use digital assets like XRP and BTC to buy things, likely storing a small set amount in a mobile app hot wallet.
Experts feel that XRP may need the securities clarification before Bakkt can legally add XRP to their portfolio but that should be on the horizon too.