Bakkt, the physically-backed Bitcoin Futures contracts company, has recently confirmed that they are testing the consumer app for retail crypto traders. They are expanding their area of services to a wider level and trying to capture the retail traders besides institution investors which are already using the Bakkt services in futures trading.
Bakkt has started its journey in 2019 and the initial progress was not satisfactory and effective as it happened with most of the startups at their early stages. Bakkt made a comeback into the crypto markets with a good surge as it reached its highest recorded position on Nov.8. Now, they have planned to take a step further to expand the area of its services for traders as well as investors.
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The news for launching the application for consumers was just a possibility and not a confirmed announcement on the part of the company. But, now, it is confirmed because Bakkt has informed their community subscribers that the application is in the testing stage in the ‘insider email’.
Bakkt testing consumer app in preparation for imminent lauch for retail traders! pic.twitter.com/7y4S1vZGS0
— Cryptopolis (@cryptopolis_x) November 14, 2019
Partnered with Starbucks
Through the Medium post, they had already passed comments about the upcoming launch of the consumer app on Oct.28 but that was not a direct confirmation. But this time though the insider email, it becomes clear about the launching of the new product for their customers by the company.
It is likely understood that they have partnered with the Starbucks and other cryptocurrency payments providers and the app is estimated to be launch in the first or second quarter of 2020. It is said that the application is designed for retail traders for trading and also for purchasing online products with cryptocurrency.
Bakkt Volume is Booming
It was reported to Token on November 8 that the estimated volume has done was almost $15.7 million-the highest value since its launch in the crypto markets. It is expected that after the coming of this new product, there will be a significant rise in the trading volume.
Daily summary of Thursday’s Bakkt Bitcoin Monthly Futures:
📉 Traded contracts: 577 ($4,970,855)
📅 Day before: 601 (-4%)
🚀 All time high: 1756 (11/8/2019)
— Bakkt Volume Bot (@BakktBot) November 15, 2019