The Intercontinental Exchange project, Bakkt, subject to controversy

10 Aug, 2018
by Paula D. Baciu
The Intercontinental Exchange project, Bakkt, subject to controversy

The promises made by the mother company of the New York Stock Exchange (the Intercontinental Exchange - ICE) sounded like music to traders’ ears. But the opinions were shared. While Forbes published that Bakkt could prove a “double-edged sword”, Thomas Lee is confident in its potential to outcompete the likes of Coinbase and Binance.

Caitlin Long emphasized for Forbes the positives and negatives of ICE’s new project. The positives are already known: the market is closer than ever to full adoption, positive regulation, and institutional investments. The negatives include Bitcoin’s poor liquidity and the obstacles met in settling Bitcoin derivatives.

However, a few days later, the founder of market research company Fundstrat, Thomas Lee, shared his own thoughts about ICE’s project. The conclusion: Bakkt will likely outcompete the current leaders of the industry - Coinbase and Binance:

 On one hand, because its mother company, the ICE, has ready-established relationships with banks and stock brokers:

 On the other, because the same company operates with a colossal capital of $6 billion:

 Lee’s prospect of Bakkt’s influence in the crypto market is so optimistic that he endorsed a Fortune article on the topic that started: “Bitcoin could be on the verge of breaking through as a mainstream currency.”

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