Bakkt Continues Talks with Crypto Regulators, Adds Key Executive to the Team

2018-10-16 06:15

A veteran and early employee of Coinbase is switching teams, moving to the up-and-coming cryptocurrency exchange platform, Bakkt. Adam White will be joining Bakkt as the exchange’s Chief Operating Officer, helping the platform to develop as it prepares for its imminent launch.

Many investors and analysts see Bakkt as being cryptocurrency industry’s next big platform that could usher in a new era of institutional and retail investors.

The exchange, which will be a direct competitor to Coinbase, has deep ties to Wall Street, and is backed by New York Stock Exchange parent company, ICE. It has already secured partnerships with major household corporations, like Starbucks and Microsoft, giving it an edge over the competition.

The platform, which is currently awaiting operational approval from the US Commodities and Futures Trading Commission (CFTC), could potentially act as a compliant on-ramp that could bring about Bitcoin mutual funds and ETFs to retail investor’s 401(k)s.

Bakkt’s CEO, Kelly Loeffler, wrote about the addition of Adam White to the exchange in a recent Medium Post, saying that he is an excellent fit with the companies culture of “collaboration, problem solving, integrity and leadership,” adding that “Adam is a much anticipated addition to our busy team.”

A Coinbase spokesperson spoke to Fortune about White’s departure from the exchange, saying:

“We wish Adam all the best, and are proud of what we call the ‘Coinbase Mafia’ – an increasingly impressive group of alumni who are driving the crypto space forward.”

An Update on Bakkt’s Progress with Regulators

In addition to announcing the addition of a new member to Bakkt’s leadership team, Loeffler also gave an update on the progress of the exchange.

She explained that the platform is currently hard at work with members of the clearing house risk committee, and is working closely with their clearing house boards to meet the regulatory guidelines set forth by the CFTC and the US government.

Subject to CFTC approval, the exchange hopes to begin testing and onboarding in November, with trading starting the following month, in December.

Bakkt is also awaiting approval on a patent for their proprietary market model that aims to provide institutions with a regulated framework for offering cryptocurrency-related products to their clients.

“Our patent-pending market model is focused on mitigating risk while creating opportunities for institutions to serve their clients in a regulated framework for digital assets. This means creating a solution that both provides wanted exposure and limits unwanted exposure. A critical aspect of our model is ensuring that our clearing members are well protected from a risk perspective through a conservative market design…” Loeffler explained.

The aforementioned model will utilize three key requirements to ensure risk mitigation, including a requirement for full pre-funding for all Bitcoin trades, direct access to the warehouse, which means that clearing members will not have to handle cryptocurrency themselves, and a fund that ensures that non-default clearing member capital is never at risk.

Loeffler also explained that forming a regulatory framework for nascent industries is incredibly important, and that dialogues regarding regulation are already in full swing, specifically mentioning the attendance of regulators at the recent LabCFTC FinTech Forward conference.

Assuming the platform is approved by the necessary regulatory bodies, Bakkt could bring a significant amount of retail wealth into the cryptocurrency industry, possibly reversing the persisting bear market.

Featured image from Shutterstock

The post Bakkt Continues Talks with Crypto Regulators, Adds Key Executive to the Team appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Safe Exchange Coin (SAFEX) íà Currencies.ru

$ 0.0054306 (-0.25%)
Îáúåì 24H $1.742k
Èçìåíåèÿ 24h: 1.41 %, 7d: -8.63 %
Cåãîäíÿ L: $0.0053635 - H: $0.0055227
Êàïèòàëèçàöèÿ $6.099m Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0128557 (-57.76%)

bakkt platform exchange cryptocurrency continues team talks

bakkt platform → Ðåçóëüòàòîâ: 45


Bakkt CEO Releases Update on Crypto Trading Platform’s Progress and New Board Members

The Bakkt platform has been in the works for a while, as the Intercontinental Exchange waits for approval through the CFTC to finally get involved in physically deliverable Bitcoin futures. There has been many crypto investors that have been looking forward to this launch, but the decision remains postponed. In the meantime, the company has […]

2019-3-30 16:51


Ôîòî:

Bakkt Delays Platform Launch; Announces January as Tentative Roll Out Date

Bakkt, an upcoming crypto retail payment system and futures platform, is delaying its launch to better ensure the platform’s success at release. On November 20, 2018, the CEO of Bakkt released an update on Medium, outlining the future business plans for the company, describing some of the progress in implementing new features and declaring that the company’s initial launch is being postponed until January 24, 2019.

2018-11-21 02:24


Bakkt Bitcoin Futures Trading Platform Officially Launches December 12, 2018

The Intercontinental Exchange has been working fervently on their cryptocurrency platform Bakkt for the better part of the year. Bakkt has been awaiting their launch date, which has officially been announced as December 12th, and it is described by ICE as “an open and regulated, global ecosystem for digital assets.” With the launch, ICE has […]

2018-10-23 00:27


Ôîòî:

ICE’s Bakkt Paves Way for Institutional Investors, Experts Hold

The digital asset platform Bakkt has one feature which the market has been “crying for” according to CEO of an institutional Forex exchange. “This is What The Market Has Been Crying For” David Mercer, CEO of LMAX Exchange – the institutional exchange for global Forex trading as well as the operator of cryptocurrency exchange LMAX Digital, thinks that Bakkt’s 1-day futures contract which physically delivers bitcoin is the game changer the market has been looking Read More The post ICE’s Bakkt Paves Way for Institutional Investors, Experts Hold appeared first on Bitcoinist.com.

2018-8-12 20:00


You won’t be able to spend your cryptocurrency in Starbucks anytime soon

No, you won’t be able to spend your cryptocurrency at Starbucks. Last Friday, Starbucks announced that it would be joining and supporting a project known as Bakkt. If successful, Bakkt will leverage Microsoft’s cloud solutions – probably their blockchain based Azure platform – to create an infrastructure for managing and using digital assets.

2018-8-6 15:01


Ôîòî:

NYSE Owner’s BAKKT Platform ‘Makes Bitcoin ETF Redundant’: Commentator

Intercontinental Exchange (ICE) digital asset platform Bakkt will “make a Bitcoin ETF completely redundant” when it launches in November, a prominent social media commentator has forecast. ‘Completely Redundant’ Commenting on the news the New York Stock Exchange owner was collaborating with Microsoft, Starbucks and others on a regulated “ecosystem” for digital assets, Twitter user known as Parabolic Trav said that the platform – known as Bakkt – would fulfill the functions originally intended for an Read More The post NYSE Owner’s BAKKT Platform ‘Makes Bitcoin ETF Redundant’: Commentator appeared first on Bitcoinist.com.

2018-8-6 15:00


Ôîòî:

‘Biggest News of the Year for Bitcoin’: ICE Deal Helps ETF Chances, Says Brian Kelly

Intercontinental Exchange (ICE) teaming up with Microsoft, Starbucks and others on digital asset platform Bakkt makes it “much easier” for a Bitcoin ETF to launch. Kelly: ICE Is ‘Huge News’ That’s according to Brian Kelly, CNBC’s regular cryptocurrency commentator and BK Capital Management founder, who called the plans the “biggest news of the year” for Bitcoin.

2018-8-5 20:00


Ôîòî:

Starbucks Partners with NYSE Owner To Build ‘Global’ Digital Asset Platform

New York Stock Exchange operator Intercontinental Exchange (ICE) has revealed it plans to launch a global digital asset platform in November as a “scalable on-ramp” for investors. ICE To Build ‘Scalable On-Ramp’ In a press release August 3, ICE, which signaled its intention to launch physical Bitcoin futures in May, will debut them alongside the new platform, dubbed Bakkt.

2018-8-3 17:00