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Cryptocurrency Derivatives Series: Bakkt's BTC Futures All Set To Go Live, Is It Compatible With Ethereum Too?
Bakkt’s collaboration with the ICE’s leading futures exchange and clearing infrastructure most likely to bring physical delivery futures contracts to market participants in 30 countries, which has been the talk of the town.
Bakkt is also lined up for the launch date for its Bitcoin (BTC) futures project in 3rdquarter owing to the pending of approval from the New York Department of Financial Services (NYDFS), as per a recent report by The Block.
Several investment veterans and the industry analysts reckon that the launch of Bakkt can act as the bullish driving force for bitcoin prices. The long-awaited physically settled futures should qualitatively shift market composition toward greater institutional influence.
On the back of above developments, Bakkt end up embracing the entire crypto world beyond bitcoin also, they were not restraining back in blue sky ambition.
Gearing up with Microsoft is smart, the IT veteran has recently added Ethereum to its troop of Azure cloud tools and services. Mr. Vitalik Buterin who is the co-founder of Ethereum staged at the Microsoft Developer conference and hinted his intentions.
Although bitcoin’s bullish rout since Jan’2019, in addition to altcoin universe, Ethereum, has also been underperforming this year so far. The price gap between bitcoin and Ether has been expanding.
Amid the lingering apprehensions of Ethereum’s underlying technological mechanism, Ethereum 2.0. has got a paradigm shift in its technology but there have been talks that even though it is instrumental but is still disorganized, as it is still lacking in its entirety.
On the flip side, the Ethereum community says that they have been a visionary with a proper blue printed future. In the battle of the Ethereum rivals, none have come close to challenging Ethereum’s leading position in dapps.
This is striking as Bakkt’s strategic alliance with Ethereum 2.0 could set it apart from the dapp platform opposition.
Ethereum manages to strikes a chord if it is the time to diversify away from bitcoin. Hence, Bakkt’s ecosystem has been maintaining their eagle eyes on one of the vital legs of future price discovery for Ethereum.