Bakkt To Help JP Morgan Get Into The Crypto Space

JP Morgan awaits the launch of the Bakkt platform which is slated for later this year as the only tempting platform that could drive it into the crypto space. The financial institution is yet to officially state that it would be investing as reported by Abacus Journal.

JP Morgan’s Possible Sojourn Into Crypto Space

As revealed by a JP Morgan’s trader, none of the options available in the crypto space at the moment is suitable or enticing enough for the firm to venture into the crypto space. Bakkt which is yet to be launched presently seems to be the only attractive option for the financial institution.
The trader stated that Bakkt is the only place that the firm would approach Bitcoin and the crypto space. He noted that any other set up do not have the legal standard that is acceptable, the risk for the financial institution, and Bakkt is the only place that passes these tests. Also, he further stated that whether the firm is there as soon as the platform is launched or window shop, the platform is still the only name the firm considers regarding client funds finding their way into cryptocurrency.
Though the official announcement is yet to be made by JP Morgan, this report indicates an informal approval of the Bakkt platform as the only option for the firm to venture into crypto space even ahead of its launch. Also, it indicates that the platform is the only place they can trust to handle cryptocurrencies. Though it seems like an aspersion on the quality available in the crypto space at the moment, the venture of the financial institution into the crypto space is something the crypto industry looks forward to as institutional fund is expected in the space.

The Influx of Institutional Fund Into The Crypto Space

Influx of institutional fund into the crypto space is considered as a necessary factor for the crypto industry to proceed to its next phase of development. Even amid its present bearish trend, the major factor considered to be needed most last year was a Bitcoin ETF for institutional investors to flow in. Though this is yet to see implementation as the industry seeks to address the major issues of regulations and instability in the market space.
The regulations and the volatility of the market have been part of the major factors hindering full crypto adoption and influx of institutional fund. The SEC cited this same reason for rejecting various Bitcoin ETF applications.

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