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Bakkt Platform - BTC Deposit Protected By the Insurance Amounting To $125M

2 min reading

According to the information released on September 9 by Bakkt, all deposited BTC are protected by an insurance policy amounting to 125 million dollars.

As announced, the platform is expected to be launched on September 23. Everything indicates that, this time, it will go according to the plan, as four days ago Bakkt started taking deposits from its customers.


Long-term expectations

It should be noted that the platform's launch was announced for the first time almost a year ago. The date of its launch has been postponed many times for a number of various reasons. Even though in May Kelly Loefer (CEO of Bakkt) announced the testing of Bitcoin contracts will start in July, it did not happen. The platform had to be examined for security by an independent US government agency - United States Commodity Futures Trading Commission.


The main assumptions of Bakkt

One of the vital goals of this platform is to make it possible for the consumers to buy, sell and store digital content smoothly. Bakkt aims to create integrated, institutionally managed exchange markets. The platform should be based on guidelines such as efficiency and security. Many investors believe that the adoption of Bakkt would somehow help to reduce market fluctuations. The first on the platform's offer will be forward contracts for Bitcoin. It is supposed to be a chance to buy virtual currencies in a secure way, because users buying Bitcoin in a long position will receive them on the day of the settlement.

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