CME And Bakkt Launch New Products, BTC Reacted Immediately

CME and Bakkt launch new products on the same day and Bitcoin almost immediately reacted so let’s find out more in our latest Bitcoin news today.

The two key entities which affect the market’s dynamics announced the launch of a new Bitcoin product on the same day with CME and Bakkt pursuing a common goal and the evolution of their crypto-based services in order to attract new investors. The CME financial derivatives platform announced that it will start offering micro-BTC futures contracts and will be rolled out on May 5 after it completes the regulatory review.

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— PayPal (@PayPal) March 30, 2021

Backed with fiat money, the micro futures contracts have a goal of giving a new “tool to hedge against the price of BTC” and the fluctuations on the market as per the official statement. The statement claimed that this new type of futures contracts was demanded by a huge portion of CME clients and Morgan Stanley also had a similar reveal after it announced the launch of 3 funds to give access to BTC with massive demand from customers recorded.
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The derivatives platform stated that the products saw steady growth in the level of liquidity after the launch in 2017. The institutions represented a sector that showed the most interest in the asset class according to the CME Group Global Head of Equity Index and Alternative Investment Products –Tim McCourt. In parallel, ICE’s subsidiary Bakkt Holdings launched a new Bitcoin wallet to change the game. The Bakkt App will allow users to hold funds in multiple assets under one platform.

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The product will allow the funds to be converted into fiat and will give the users rewards in gift cards and loyalty points. Users can download the app from Google Play Store. Bakkt’s CEO Gavin Michael noted:

“The average consumer holds a wealth of digital assets – from gift cards to loyalty points to bitcoin – but lacks the tools to adequately track and utilize their value. We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all.”

PayPal made a similar announcement with the processor allowing its US Customers to use their crypto funds in a new checkout service. it’s expected that in the next few months, the company will allow the users globally to gain more access to this service. Bitcoin’s price reacted positively and showed more gains of 1.5% and traded to $58 with the cryptocurrency recording gains by 8.3% on the 7-day chart after two weeks moving sideways.