- Bakkt’s COO speaks about the future of Bitcoin.
- The platform may consider using a stablecoin as a custodial solution.
The platform Bakkt was launched primarily with a focus on institutional investors, but the consumer aspect is an increasingly important factor of cryptocurrencies’ mass adoption of cryptocurrencies, says Adam White, COO of Bakkt seeks to avoid contact with market speculations when creating its products, he explained.
In an interview with EJ Insight, which was also attended by Jennifer Ilkiv, vice president of Intercontinental Exchange Asia Pacific, Adam White emphasized that Bakkt offers helps users better understand Bitcoin’s market price and also insures them against possible risks.
However, he also believes that market sentiment is not the key factor of Bitcoin” adoption in the long run.
The first product we offered”¦ enabled physically delivered futures to trade, and that allows price discovery and hedging for risk management and speculation to occur. But we believe that if that is all Bitcoin is used for, it is not going to be that successful. People actually have to use digital assets like Bitcoins to solve real problems; that’s what we call: the adoption and utility.
He also said that Bakkt has a separate unit that works to create new products and services designed to scale the adoption of cryptocurrencies.
Also, Adam White elaborated on stablecoins sector. The Bakkt chief operations officer admitted that he followed the events in this segment with great interest.
Currently, Bakkt does not single out a stablecoin that may become a preferred custodial solution. However, he did not rule out that the platform may consider such a possibility in the future.
Notably, in November Bakkt began testing its consumer payment application, which will provide users with the opportunity to pay for services with Bitcoin. The international Starbucks coffee shop chain will become the first Bakkt partner connected to the application. The launch is scheduled in the first half of 2020.
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