With a recent tweet, Galaxy Digital CEO Mike Novogratz said he was “proud” of his company’s recent partnership with the cryptocurrency Bakkt, an affiliate of the Intercontinental Exchange.
The two companies, according to a recent press release; It came together to offer a ‘top-level’ Bitcoin service that would allow large corporate customers to buy, trade and store Bitcoin.
Strong Corporate Demand
It cannot be said that the year 2020 is going well for both Bakkt and Galaxy Digital. Companies are expected to increase their losses primarily due to the problems seen in institutional investors due to the fluctuation of Bitcoin, and secondly due to the market collapse caused by pandemics in March.
Still, Bakkt’s authorized representative, John Conneely, said in a statement to Bloomberg that they are currently seeing corporate demand for cryptocurrencies.
The furya, which started after Wall Street’s hedge fund manager legendary Paul Tudor Jones announced the Bitcoin forecast in May, is seen as a new glimmer of hope for the industry.
Tim Plakas from Galaxy Digital Trading said that their partnership with Bakkt is also the result of maturing cryptocurrency brokerage services.
There is great pressure to provide primary brokerage services that are not available in the digital asset area.
Messari’s researcher Ryan Watkins also believes that more than one firm should be seen as a bullish signal that multiple companies are trying to provide Bitcoin services to institutional investors.