The Curious Tale of Backt and Bakkt

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Most people in the cryptocurrency space are familiar with Bakkt. Few people are aware a very similar-named company existed much earlier, yet it was forced to rebrand.

There are a lot of undocumented stories in the cryptocurrency industry today.

The Switch From Backt to 0xFutures

Backt is a company nearly no one will remember, primarily because it goes by the name of 0xFutures these days.

As the name suggests, the company provides exposure to cryptocurrencies through contracts.

Development of Backt began in 2017, which is well before ICE launched Bakkt in August of 2018.

ICE also attempted to trademark the Bakkt name in July 2018.

However, the Backt team tried to oppose this claim, as they were using their name first and had the evidence to back it up.

Unfortunately, it appears that ICE didn’t want to dispute this matter, yet ended up winning the legal battle regardless.

As a result, Backt had to rebrand to 0xFutures, yet its service is very different from Bakkt.

Today, the 0xFutures platform is still up and running, albeit it has seemingly been pushed to the background a bit.

Users who are looking to trade futures contracts on the Ethereum blockchain may want to take a closer look at what the company has to offer.

The trustless approach by this platform makes it very different from Bakkt, as no external entity has custody of any funds. 

The post The Curious Tale of Backt and Bakkt appeared first on CryptoMode.

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