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Bakkt Bitcoin Futures Gets Clearance to Launch Next Month

Bakkt Bitcoin Futures Gets Clearance to Launch Next Month

Ponvang Bulus -
Bakkt says its Mission is to “bring digital assets into the mainstream” Bakkt, the cryptocurrency ecosystem created by Intercontinental Exchange (ICE) is primarily meant to facilitate mainstream adoption, according an update on the Bakkt Twitter page. This according to the update will be achieved by enabling transaction efficiency between consumers and merchants. The cryptocurrency platform launch which was scheduled for January 24 has been postponed due to legal and regulatory reasons. Prior to the recent postponement, the launch had been postponed twice last year, the last schedule being for December 12 2018. Majorly, the delay of the launch is due to the US Government shutdown which failed. Since the launch must be approved by the Commodity Futures Trading Commission (CFTC), it cannot go on until the government systems are back in shape. The launch has been postponed to April 2019 although no precise date has been given. A chinese billionaire by the name of Li had invested in the project in anticipation of the launch, completing the projects first funding round. By the end of 2018, Bakkt had raised up to $180 million. Apart from Li, Bakkt also vrough in institutional investors such as Boston Consulting Group, Microsoft’s venture capital arm M12 and Naspers’ fintech firm. Confirming this, Bakkt CEO Kelly Leoffler said: “Clearing firms and customers have continued to join us as we work toward CFTC approval. We made great progress in December, and we’ll continue to onboard customers as we await the ‘green light’.” The incessant postponements are of concern not just to the cryptocurrency industry but also to ICE as Bakkt was supposed to launch as a new territory for ICE at a time when a formidable competitor, the new exchange MEMX is coming into the futures market, largely to overturn ICE. For the cryptocurrency industry, Bakkt is supposed to encourage mainstream adoption which is expected to drive institutional investors to the industry. With the postponement however, the industry will have to wait until the government gives its approval. The cryptocurrency market had started improving just few days ago but with the recent postponement, there is another dip that just started today. Among the top ten cryptocurrencies, only EOS is in green at the time of writing this article. Bakkt launch will certainly promote the cryptocurrency industry as it also intends to “build the first integrated, institutional grade exchange-traded markets and custody solution for physical delivery of digital assets”, as tweeted earlier today. Will the delay worsen the market condition before it is finally done?

Bakkt Update: Futures and Custody User Acceptance Testing to Come up...

Ponvang Bulus -
ICE Includes Ethereum, Tron and XRP Among 58 Cryptocurrencies Marked for its Data Feed

ICE Includes Ethereum, Tron and XRP Among 58 Cryptocurrencies Marked for...

Ponvang Bulus -
Bakkt Strikes a Deal with Starbucks to Accept Bitcoin Payments in 2019

Bakkt Strikes a Deal with Starbucks to Accept Bitcoin Payments in...

Ponvang Bulus -
Bakkt Trading Platform Approval Gets Delayed…AGAIN

ICE CEO Confirms Bakkt Launch will Come in Late 2019

Ponvang Bulus -
Crypto Bull Run Could be on the Horizon as Big Players make their Push

Crypto Bull Run Could be on the Horizon as Big Players...

Stephen Brown -
This Week in Crypto: Grayscale Backs XLM, Cryptopia Hack, Bakkt, Tron, Whale Moves, Ripple, and Interesting Crypto Predictions for 2019

This Week in Crypto: Grayscale Backs XLM, Cryptopia Hack, Bakkt, Tron,...

Ponvang Bulus -
Bakkt says its Mission is to “bring digital assets into the mainstream” Bakkt, the cryptocurrency ecosystem created by Intercontinental Exchange (ICE) is primarily meant to facilitate mainstream adoption, according an update on the Bakkt Twitter page. This according to the update will be achieved by enabling transaction efficiency between consumers and merchants. The cryptocurrency platform launch which was scheduled for January 24 has been postponed due to legal and regulatory reasons. Prior to the recent postponement, the launch had been postponed twice last year, the last schedule being for December 12 2018. Majorly, the delay of the launch is due to the US Government shutdown which failed. Since the launch must be approved by the Commodity Futures Trading Commission (CFTC), it cannot go on until the government systems are back in shape. The launch has been postponed to April 2019 although no precise date has been given. A chinese billionaire by the name of Li had invested in the project in anticipation of the launch, completing the projects first funding round. By the end of 2018, Bakkt had raised up to $180 million. Apart from Li, Bakkt also vrough in institutional investors such as Boston Consulting Group, Microsoft’s venture capital arm M12 and Naspers’ fintech firm. Confirming this, Bakkt CEO Kelly Leoffler said: “Clearing firms and customers have continued to join us as we work toward CFTC approval. We made great progress in December, and we’ll continue to onboard customers as we await the ‘green light’.” The incessant postponements are of concern not just to the cryptocurrency industry but also to ICE as Bakkt was supposed to launch as a new territory for ICE at a time when a formidable competitor, the new exchange MEMX is coming into the futures market, largely to overturn ICE. For the cryptocurrency industry, Bakkt is supposed to encourage mainstream adoption which is expected to drive institutional investors to the industry. With the postponement however, the industry will have to wait until the government gives its approval. The cryptocurrency market had started improving just few days ago but with the recent postponement, there is another dip that just started today. Among the top ten cryptocurrencies, only EOS is in green at the time of writing this article. Bakkt launch will certainly promote the cryptocurrency industry as it also intends to “build the first integrated, institutional grade exchange-traded markets and custody solution for physical delivery of digital assets”, as tweeted earlier today. Will the delay worsen the market condition before it is finally done?

Bakkt says its Mission is to “Bring Digital Assets into the...

Ponvang Bulus -
Bakkt Trading Platform Approval Gets Delayed…AGAIN

Bakkt Trading Platform Approval Gets Delayed…AGAIN

Nick James -
One Of The Richest Men In The World Is Putting His Money On Bakkt

One Of The Richest Men In The World Is Putting His...

Nick James -
ICE to launch Bakkt amidst Competition from new Equities Exchange MEMX

ICE to launch Bakkt amidst Competition from new Equities Exchange MEMX

Ponvang Bulus -
As BAKKT and Nasdaq continues to bet big on Crypto, Changpeng Zhao urges Traders to press on, saying "They are not dumb"

As BAKKT and Nasdaq continues to bet big on Crypto, Changpeng...

Venus Juliana -
Bakkt Is About To Get Approval For Bitcoin Futures Contract

Bakkt Is About To Get Approval For Bitcoin Futures Contract

Nick James -
ICE Re-Schedules Launch of Bakkt Bitcoin Futures Product to 2019

Breaking: ICE Re-Schedules Launch of Bakkt Bitcoin Futures Product to 2019

Ponvang Bulus -
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