Bakkt Teams with Crossover Markets to Power “BakktX” ECN with High-Performance Technology
Bakkt Holdings (NYSE: BKKT) has announced a partnership with Crossover Markets to develop BakktX, an advanced crypto Electronic Communication Network (ECN) aimed at institutional traders in the U.S. BakktX will provide sub-10 microsecond trade matching latency, customizable liquidity solutions, and lower trading costs compared to existing crypto brokers. The initiative responds to growing institutional interest in cryptocurrency, positioning Bakkt as a leading, compliant trading venue. The platform will be launched to Bakkt’s liquidity providers and early adopters in the coming months, emphasizing risk management, reliability, and compliance.
- Bakkt Holdings partners with Crossover Markets to develop BakktX, enhancing institutional trading capabilities.
- BakktX will offer sub-10 microsecond matching latency, providing faster trade execution.
- Customizable liquidity solutions will be available on BakktX, catering to institutional needs.
- Lower trading costs compared to incumbent crypto brokers and exchanges are expected.
- BakktX aims to fulfill currently unmet needs in the U.S. market for institutional crypto trading.
- The new ECN will prioritize risk management, reliability, and compliance.
- Early adopters and liquidity providers will have access to BakktX in the coming months.
- The press release lacks specific financial data or revenue projections for BakktX.
- There is no detailed timeline for the launch of BakktX, which may concern investors looking for concrete milestones.
- The success of BakktX is dependent on institutional adoption, which can be uncertain.
Insights
Bakkt's announcement of partnering with Crossover Markets to launch their own crypto Electronic Communication Network (ECN) is a significant development. This move is strategically aimed at capitalizing on the growing institutional interest in crypto trading.
The key takeaway here is Bakkt's focus on enhancing their trading capabilities with ultra-low-latency technology and customized liquidity solutions. These features can provide Bakkt with a competitive edge in the highly volatile crypto market, potentially attracting more institutional clients.
From a financial perspective, the success of BakktX could lead to increased trading volume and revenue for Bakkt. However, it's important to consider the high competition in the crypto exchange space. Other major players like Coinbase and Binance already have a strong market presence.
Short-term, investors should monitor any updates on the launch date and early adoption rates. Long-term, Bakkt's ability to continuously innovate and provide superior trading technology will be important for sustained growth and profitability.
The integration of Crossover Markets' high-performance technology into BakktX is notable for its technical merits. The promise of sub-10 microsecond matching latency and tailored liquidity streams suggests a highly optimized trading environment.
Ultra-low-latency is a critical factor for institutional traders who rely on speed and efficiency to capitalize on market movements. The technology's ability to provide customizable liquidity can also help in reducing trading costs and improving execution quality.
It's essential to point out that implementing such advanced technology requires substantial investment and technical expertise. The success of BakktX will depend on the seamless integration of these features and the platform's overall reliability.
For retail investors, understanding these technical advancements can provide insight into the potential for improved trading experiences and efficiency gains in the crypto market.
Bakkt to further its
Crossover Markets to provide cutting-edge technology, including customized liquidity solutions combined with ultra-low-latency trade execution
“As institutional interest in crypto grows, further expanding Bakkt’s capabilities is a key priority,” said Ray Kamrath, Chief Commercial Officer at Bakkt. “With the development of BakktX, we are positioning ourselves as an ideal partner for institutions seeking a compliant, qualified trading venue. This will be a truly groundbreaking solution that fulfills a currently unmet need in the
Designed specifically to meet institutional needs, BakktX will be powered by Crossover’s high-performance tech, providing institutional and professional traders with sub-10 microsecond matching latency, customizable and tailored liquidity streams, and significantly lower trading costs than incumbent crypto brokers and exchanges.
“As institutional crypto market structure continues to change, market participants are seeking execution models that compete on the merits of their technology and execution quality,” added Brandon Mulvihill, Co-Founder and CEO of Crossover Markets. “At Crossover, we believe in optimizing the trading experience and delivering configurable liquidity to stitch siloed ecosystems together. We’re proud to be partnering with Bakkt and providing our institutional-grade technology to help bring BakktX to life.”
BakktX will be available to Bakkt’s liquidity providers and a group of early adopters in the coming months. Users will benefit from Bakkt’s prioritization of risk management, reliability and compliance alongside capital markets-friendly workflows for digital assets trading. Bakkt will share more regarding the expected launch date in the near future. To learn more about Bakkt and the company’s solutions, visit www.bakkt.com.
About Bakkt
Founded in 2018, Bakkt builds solutions that enable our clients to grow with the crypto economy. Through institutional-grade custody, trading, and onramp capabilities, our clients leverage technology that’s built for sustainable, long-term involvement in crypto.
Bakkt is headquartered in
For more information, visit: https://www.bakkt.com/ | X (Formerly Twitter) @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/.
Bakkt-C
About Crossover Markets
Crossover Markets is a digital asset trading technology firm focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets. CROSSx, the company’s execution-only cryptocurrency Electronic Communication Network (ECN), is powered by the industry’s fastest and most advanced matching engine and includes order logic that enables clients to choose whom they want to trade with. Led by a team with decades of FX trading, prime brokerage technology and artificial intelligence experience, Crossover is ushering the next big wave of institutions in the crypto market. For more information, visit www.crossovermarkets.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240605142893/en/
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Media
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Source: Bakkt Holdings, Inc.
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