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Bakkt and ErisX are not the same, clarify Adam White and Thomas Chippas

Bakkt, the digital asset platform spearheaded by Intercontinental Exchange [ICE] and ErisX, the cryptocurrency exchange, are often clubbed together because of their converging visions for publicly traded Bitcoin products. However, their executives recently came forward to clearly demarcate the two. The two platforms are launching their own Bitcoin Futures soon, prior to which they want to clear the air, so that customers know what they’re getting into with each service. At a recent conference, Adam White, the COO of Bakkt, and Thomas Chippas, the CEO of ErisX, spoke about the growth of digital assets, and its foray into the mainstream realm of financial products. White stated that Bakkt’s goal was to further cryptocurrency adoption, while also creating a wider market through which the public can trade cryptocurrencies. He added that the digital assets platform should not be considered business for institutional infrastructure alone. The COO stated, “To me, it is not enough just to say we are going to invest a ton of money into market infrastructure and hope someone else figures out why we’re going to use [virtual currencies]” White added that the need for wider cryptocurrency application was key to thee growing adoption of the underlying blockchain technology. He stated, “We are going to see volumes continue to flatten, price probably to trend to zero, because everyone is baking in that the future public blockchains are going to be more efficient, they are going to be cheaper, they are going to be faster … but it requires companies building actual use cases and applications on top of that.” The Bakkt COO brushed off any concerns about the delay in regulatory approval, which was expected in January, 2019. White also stated that the complexities of the cryptocurrency space cannot be understood within a short period, stating, “It’s partnering and working with the regulators to help them understand what is hard fork, what a deep chain reorg is, why one blockchain or public blockchain may be sufficient and capable while another one isn’t.” Contrarily, the CEO of ErisX, Thomas Chippas, stated that his exchange wanted to cement itself as a marketplace. Referring to virtual currencies as “commodities,” Chippas said that the creation of a marketplace was a pertinent precursor to the development of the larger asset-class. In his own words, “Our view more is we want to provide a marketplace where these commodities can be traded, futures can be provided so that others can actually go develop.” According to Chippas, Bakkt is also on a path to the development of the cryptocurrency market. However, it is taking a different route, he said. Veering away from being solely a marketplace for digital assets, Bakkt, in Chippas’ opinion, will play the dual role of being a payment intermediary, as well as a clearing house. He added, “Bakkt believes that being both a clearing house as well as a payment processor in competition with Visa and MasterCard is the way to go because they think they need to push the development.” ErisX’s application for a DCO license was still awaiting approval from the Commodities Futures Trading Commission [CFTC], at press time. However, Chippas remained patient, stating, “The right answer is going to be when the regulators are ready and they feel that the requirements have been met.” The post Bakkt and ErisX are not the same, clarify Adam White and Thomas Chippas appeared first on AMBCrypto.
AMBCrypto

Coinbase Loses Head of Trading After Six Months, Hired by Adam White Who Went to Bakkt

Hunter Merghart joined Coinbase in only six months ago, when he was hired as the head of trading by Adam White. However, last week, he announced his resignation from the company and he has decided to embark on a path to new opportunities, according to sources. He is one of the many Coinbase employees who have left the company in recent months, like White who left to work as an executive at Bakkt. While was only the fifth employee to ever be hired with Coinbase, and he even managed to be appointed vice president and general manager. When he hired Merghart, Merghart left megabank Barclays as director of U.S. equity trading, which is a position he held down for over two years. Based on two individuals that are close to Merghart, much of his reasoning for leaving had to do with the lack of resources and clarity on the company’s goals to create an institutional business. Coinbase has held down a place in the media lately, which has been divided between positive and negative reports. Their index fund, which was only launched four months ago, has already been shut down, cutting off their ability to reach institutional investors with the efforts. On the other hand, they were recently the recipient of $300 million through a Series E funding round yesterday, which they said would be contributing to their work on institutional investments. Chief operating officer and president Asiff Hirji believes that their work with institutional investments could end up accounting for a significant number of shares in revenue. Presently, these shares are “100% transactional.” To support this side of the platform, they added several new executives, including: Jonathan Kellner, managing director of the Institutional Coverage Group Formerly, CEO of Instinet Chris Dodds, a member of the board of directors Formerly, an advisor to Charles Schwab Oputa Ezediaro, a member of the Institutional Coverage Group Formerly, an executive director for JPMorgan Even though the industry is suffering with low crypto prices, there is a sense of optimism around the potential for advancement with Wall Street and their investors. ICE, for instance, is planning to finally launch their Bitcoin futures on Bakkt by the end of the year, while Fidelity Investments is making progress on their crypto trading platform. So far, Coinbase has yet to comment about the changes to Merghart’s resignation.
Bitcoin Exchange Guide

Adam White Leaves Coinbase and Joins Bakkt as COO

The Coinbase veteran, Adam White, is leaving the San Francisco-based company to join Bakkt. The information was released a few days ago by Kelly Loeffler, CEO of Bakkt. White will be… Continue reading "Adam White Leaves Coinbase and Joins Bakkt as COO" The post Adam White Leaves Coinbase and Joins Bakkt as COO appeared first on UseTheBitcoin.
Use The Bitcoin

Bakkt Hires Coinbase’s Adam White as Chief Operating Officer

High-ranked official from Coinbase, Adam White, joins Bakkt as the platform’s Chief Operating Officer starting November. Changing Sides Live Bitcoin News reported earlier this month that Adam White, Head of Coinbase’s Institutional Platform Group, was leaving the organization. The largest US-based cryptocurrency exchange has replaced him with Jonathan Kellner – former CEO of institutional brokerage firm Instinet. In an official Medium announcement dated October 15, Kelly Loeffler, CEO of Bakkt, welcomed White to the platform, outlining that he will serve as its Chief Operating Officer starting November. Loeffler describes White as an “excellent fit” and a “visionary”, noting: …He’s also an excellent fit with our culture of collaboration, problem solving, integrity and leadership. As a visionary and a strong operator, Adam is a much-anticipated addition to our busy team. Interest Shifting From Retail to Institutional Bakkt, in theory, solves a lot of the issues that accredited institutional investors are supposedly facing. According to Loeffler, the platform will reduce the risk of investing in Bitcoin by prefunding all of the trades. Furthermore, the platform will provide a fully funded separate guaranty fund for Bitcoin which will eliminate the risk of a default. White, who was the former head of Coinbase’s institutional platform, noted: The interest in Bitcoin and other currencies started changing from retail to the institutional side. But the level of infrastructure of the existing trading sites often didn’t meet their expectations. That’s why they’re waiting on the sidelines. The big banks needed exchanges that provided the safety equivalent to what they enjoyed in trading equities, bonds or gold. That’s why I joined Bakkt. It’s also worth noting that Bakkt aims to bring forward Bitcoin trading and warehousing solutions in December which are subjected to approval by the CFTC, adding yet another layer of credibility and trust. What do you think of Adam White joining Bakkt? Don’t hesitate to let us know in the comments below! Images courtesy of ShutterStock The post Bakkt Hires Coinbase’s Adam White as Chief Operating Officer appeared first on Live Bitcoin News.
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Bakkt Official Launch Date, Ethereum Upgrade, Coinbase Bank & Is Everyone Ready?

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CME Futures CRUSHED Bitcoin... Will Bakkt do the Opposite?

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Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders

Yesterday’s big announcement that regulatory approval has been granted to Bakkt could be the best news bitcoin investors have had this year. It opens the door to the institutional investors and is a huge step forward for crypto industry legitimization in the US. Bakkt To Launch Next Month After months of procrastination, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE) has finally been given the green light. The news that the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, has granted regulatory approval broke late yesterday as reported by Bitcoinist. The concept of physically delivered bitcoin futures will require investors to either produce actual BTC or take delivery in them from their respective exchanges and platforms. Crypto trader at TexasWest Capital, Scott Melker, who also goes by the twitter handle ‘Wolf of All Streets’ stated the news was ‘arguably the most bullish event for institutional investors in the history of bitcoin’. The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing. — The Wolf Of All Streets (@scottmelker) August 16, 2019 Being backed by the New York Stock Exchange has granted bitcoin a level of legitimization never seen before. Investors will get the opportunity to trade in daily and monthly physical bitcoin futures contracts which is likely to lead to greater mainstream adoption. Bakkt is also planning to onboard a number of commercial retailers such as Starbucks which will provide an easier way for people to make purchases using bitcoin and other crypto assets. General Counsel for Compound Finance, Jake Chervinsky, was equally bullish on the Bakkt news stating that: “It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE. Compliance lawyers rejoice!” The former litigator also noted that there is still a long way to go since there is still the SEC to contend with. When questioned on the possibility of big investors trying to short bitcoin he added; “Short sellers betting against a commodity probably don’t want to hold the underlying, so shorting via physically-delivered futures is more for entities that are net long (like miners) and want to hedge.” Fintech Business Analyst going by the twitter handle ‘Mr. Gordon’ was equally bullish on Bakkt; “This must be what it feels like to win the lottery!  The confirmation of the launch of #Bakkt changes EVERYTHING… Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make…” This must be what it feels like to win the lottery! The confirmation of the launch of #Bakkt changes EVERYTHING.. Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make….. Like which colour to get pic.twitter.com/Klo5GwOWY7 — Mr Gordon (@MrGordon_UK) August 16, 2019 Picking a Lambo color is probably a little presumptuous at the moment. Bitcoin price did not even react to the announcement as markets remain choppy this morning. BTC is still consolidating in the mid-$10k range after two dips into four-figure territory late in the week but the long term prospects have just brightened significantly. Will Bakkt send Bitcoin price to a new all-time high later this year? Add your thoughts below. Images via Bitcoinist Image Library, Twitter: @scottmelker, @MrGordon_UK The post Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders appeared first on Bitcoinist.com.
Bitcoinist

Bakkt launch bears good news for Bitcoin’s price and regulation

One of the biggest news last year was the announcement made by the New York Stock Exchange’s parent company, Intercontinental Exchange. In August 2018, The firm announced that it would be venturing into the cryptocurrency space with the launch of a new company – Bakkt. This turned out to be an extremely bullish news in […] The post Bakkt launch bears good news for Bitcoin’s price and regulation appeared first on AMBCrypto.
AMBCrypto

Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC

The Commodities Futures Trading Commission (CFTC) has greenlighted the physically delivered Bitcoin futures product by Bakkt. Company CEO confirmed the news and said that the derivatives product would debut on September 23. Bakkt will be the first to debut physical BTC futures Kelly Loeffler, CEO of Bakkt recently announced that the startup had won approval from the US CFTC to start offering physically settled Bitcoin futures contracts. Bakkt is backed Intercontinental Exchange, and Loeffler is married to Jeff Sprecher, the CEO of ICE. With this approval, Bakkt will become the first company to launch the physical BTC futures. The products will debut on the market on September 23, and all contracts will be cleared by ICE Clear US, the same service that clears trades for NYSE. Loeffler gave a lengthy statement on the product suggest that Bakkt’s product received CFTC approval after a self-certification process. They have also started user acceptance testing. The Bitcoins backing the futures contracts will be under the custody of Bakkt Warehouse. Bakkt Trust Company, a qualified custodian, has also received approval from the New York State Department of Finance Services. She said, “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.” Bakkt wins the race The ICE-backed startup is not the only company eyeing the lucrative physically-settled Bitcoin futures sector. Numerous other companies like LedgerX are planning to bring the same opportunity to the market. LedgerX could have become the first company to launch these products as it received approval for offering futures, options and swaps settled in Bitcoin by the CFTC. However, the regulator says that the company lacks adequate approvals for launching the physical futures product. Meanwhile, Bakkt has decided to offer two types of futures contracts- daily and monthly. The collection of variation margin and initial margin collateral will be done by ICE Clear US. Product testing began last month to ensure that there are no hiccups when it eventually launches for the buyers. The qualified custodian of Bakkt will help in addressing concerns of the regulator related to manipulation and theft. Note that the company acquired Digital Asset Custody Company (DACC) earlier this year to win the New York regulator’s approval to become a qualified custodian. The company has also decided to pay $35 million for hedging against risks. Loeffler says that doing so will help bring safety for market participants and bring more integrity to this sector. The post Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
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