Bakkt and New Coinbase Products; Kind of a Big Deal
Bear market aside, Bakkt, Coinbase Custody, and Coinbase Wallet are a few examples of products helping to bring cryptocurrency mainstream. In simple terms, these three products are kind of a big deal and could have a major positive effect on the cryptocurrency space in the coming months.
- Bakkt is a company formed under the NYSE’s parent company ICE. Bakkt is going to be offering Bitcoin “backed” contracts you can trade with a traditional market account (like a 401k). They are also going to be offering a custody solution for investors starting in November when they launch. In short, Bakkt essentially preforms the function on an ETF by giving exposure to Bitcoin investors on traditional markets, helps participate in price discovery by focusing on non-leveraged collateralized contracts, and offers a long awaited custody solution (bigger players don’t yet feel comfortable being responsible for their own custody yet, so platforms like Bakkt are needed).
- Coinbase also has a number of exciting products that are sure to help spur on adotpion. Coinbase Wallet is a way for customers to access any token or DApp on the Ethereum platform (meaning Coinbase indirectly just added every Ethereum-based asset), this helps bring the Ethereum ecosystem to the mainstream. Meanwhile, Coinbase Custody offers a custody solution for big players as well. NOTE: I should also mention Coinbase Commerce is helping to bring digital payments mainstream as well.
Put that together and what do you get? Bibbidi Bobbidi Moon. 😀
Well, maybe… anyway, you get at least a foundation for the next phase of crypto adoption both in terms of potentially price and for sure utilization (especially with Coinbase Wallet). And that is pretty good.
With Coinbase approaching mainstream adoption from the crypto space and Bakkt from the traditional markets, together both help to bridge the gap and open the crypto markets up to more individuals, institutions, and businesses.
TIP: The crypto space is very exciting right now, but of course crypto is risky! Technically speaking the bottom of this bear market may be a ways out, so if you want to be in crypto for the next phase make sure to either get really good at TA, HODL, or consider the wonders of cost averaging into the relevant coins (for example BTC and ETH).