What is Bakkt? How does it work? A detailed understanding.

  • Bakkt as a platform provides a high level of security to investors investing in crypto. 
  • It serves as a way to take currencies to the mainstream crypto world. 

Bakkt is an asset exchange platform that looks after the high end security control of the users of cryptocurrency. It serves as a platform for investors to execute their trades, look out for better future options in order to secure the currencies they hold with them. 

Bakkt as a platform was first announced in August 2018 and was launched in September 2019. The chairman of the New york stock exchange (NYSE), Jeffrey Sprecher who is also the founder of ICE, intercontinental exchange. Bakkt was originally formed to meet investor demands, but soon turned out to be a highly trusted trading and exchanges organization, making the life of investors easy. 

Bakkt provides a service that stores the data of the concerned currency in a secure form, called cold storage. It even offers investment services and tools such as bitcoin features and trading options, providing the users exposure and an understanding of when and how to invest in digital currencies. 

How does Bakkt work? 

Bakkt in simple terms, stores huge amounts of currencies in cold storage, where users can use and plan their investments in a secure manner. The major work of Bakkt is done through the platform and its app. They have their own proprietary ledger, which enables the working of the system in a fast way, thus preventing any type of issues at the time of trading or investing. Another quality of Bakkt is that its investors can transfer the specific currency to their Bakkt wallet itself. They regulate their workings in a hierarchical manner involving no form of disturbances. 

How is Bakkt different from other platforms? 

Bakkt aims to solve issues that have been concerning modern day bitcoin investors, building on their growth and trust with its investors.

Solving the infrastructural issue

Investors are always confused about  which platform’s infrastructure would be trusted to invest their currencies in. They worry that the platform will provide them with secure infrastructure or not. Here, Bakkt comes into play, solving the infrastructural issue of the investors and making both their website and app a regulated and secure one where investors also have options and choices on which currency to invest or trade in. 

Price prediction 

This aspect of the crypto world can never be 100% correct, but the price discovery of whether the currency will go up or down can be predicted by professionals. Bakkt aims at providing a regulated price prediction area where they can gain investors trust in buying and selling the currency. They can attract a huge amount of investors that would stick to them for the long term.

What’s next for Bakkt? 

Bakkt with its agendas, wants to take currencies to the mainstream crypto world, and its features including loyalty programmes, crypto trading and peer to peer payments brings out the best for the company, attracting users from all around the world to explore and gain exposure to the world of Bakkt, thus growing and forming a platform for all.