Bitcoin derivatives provider Bakkt just logged the largest single-day trading volume of its physically-settled monthly bitcoin futures.
The volume hit ~$15.33 million on Friday, passing its previous high of ~$10.25 million on October 25. The total volume of Bakkt’s monthly bitcoin futures now stands at $106.74 million (12,012 BTC) since its launch on Sept. 23. The average volume has been ~$3.05 million (343.2 BTC) a day over the last 35 trading days. To be sure, $15 million is a small fraction of the average daily turnover on more established crypto trading platforms, such as CME Group.
Bakkt recently announced that its plans to launch a cryptocurrency consumer app and merchant portal in the first half of 2020 with Starbucks, the provider's first launch partner. Intercontinental Exchange (ICE) CEO Jeffrey Sprecher also announced in an earnings call that all types of financial institutions were talking to Bakkt to explore the possibility of adopting its offering. ICE is the main backer of Bakkt.