Bakkt is a bitcoin futures exchange and digital assets platform founded in 2018 by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE) and many other international exchanges in the world.
One of the most popular things in the crypto world this year was Bakkt. It launched its "physical" bitcoin futures trading platform on 23 September last month. The crypto industry and users were expecting a lot from the Bakkt platform. But, most users were disappointed due to its slow start and low trading volume.
Now, after a lazy start, bitcoin futures contracts trading on Bakkt, which is backed by the Intercontinental Exchange finally showing some upward moves in trading volume and picking up its pace by recording a daily increase of almost 800% earlier this week.
Bakkt tweeted "As we continue to build the Bakkt Bitcoin Futures contract, we reached a new trading record of 212 contracts traded yesterday"
On Wednesday Bakkt hit a new daily record of $1.93 million, bringing its total number of outstanding contracts to over 2000 as of Oct 13, worth $10.2 million with the 796% growth in Bakkt daily volume.
The crypto industry had been expecting a Bakkt launch for the past year and the increasing volume on the Bakkt platform made the industry more hopeful that it would inject more money into Bitcoin and help it pump more in the future. Also another important point is that the increase in trading volume on the platform will show the increased interest of institutional investors in cryptocurrency.