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Bakkt’s daily, monthly Futures contracts natural fit for Bitcoin-reliant businesses, claims COO Adam White

After the launch of its crypto-platform which offers the first physically delivered Bitcoin Futures contract ever traded on a federally regulated exchange, COO of Bakkt, Adam White, was recently interviewed for his insight on the launch. According to White, this is the first end-to-end regulated market place for the price discovery of Bitcoin. Though Bakkt […] The post Bakkt’s daily, monthly Futures contracts natural fit for Bitcoin-reliant businesses, claims COO Adam White appeared first on AMBCrypto.
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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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MakerDAO launches Multi-Collateral Dai as MKR holds steady

MakerDAO announced the release of Multi-Collateral Dai (MCD). The move is going to bring a wide range of new features to the Maker protocol, including Dai Savings Rate (DSR) and additional collateral asset types. Despite the major announcement, MKR’s price remains stagnant.  The new Multi-Collateral Dai Over a month ago, MakerDAO disclosed a change in the terminology of its products and services. Collateralized Debt Position (CDP) was renamed Vault while Dai (Single-Collateral Dai) was replaced with Sai, and MCD-generated Dai was named Dai. The idea was to get users familiar with the new developments that were going to be released.   Now, anyone can upgrade their Sai to Dai using the Migration app developed by the firm. A number of cryptocurrency exchanges, including Coinbase, announced their support for the new Dai. And, have offered to make the upgrade from Sai to Dai automatically.  MakerDao’s new terminology. Source: MakerDao With the release of the new Multi-Collateral Dai, the decentralized autonomous organization will offer a range of new services to its users.  MCD brings with it the much-anticipated Dai Savings Rate (DSR) mechanism. This allows Dai holders to lock up their tokens in a smart contract and earn additional Dai in the meantime. Although MKR holders will decide the initial rate, the risk management lead at the Maker Foundation, Cyrus Younessi, believes that it would likely be around 2 percent.  According to Younessi: “Given the absence of any empirical data, it is difficult to select a precise starting DSR value. However, a DSR of 2% is likely to be competitive with the broader DeFi ecosystem, which currently offers a ~6% (and dropping) savings rate on Sai.” Mockup of the Dai Savings Rate dApp. Source: MakerDao Additionally, the upgrade introduces a wider range of collateral assets, which were previously limited to Ethereum only. At the moment, the Maker community is evaluating seven cryptocurrencies, including  Augur (REP), Basic Attention Token (BAT), DigixDAO (DGD), Ethereum (ETH), Golem (GNT), OmiseGo (OMG), and 0x (ZRX). Out of all of these tokens, the first two being considered for their low risk of integration are BAT and ETH.  Despite the positivism seen across the market regarding the Multi-Collateral Dai, Udi Wertheimer, a bitcoin developer, criticized the move to back Dai with “illiquid shitcoins.” Wertheimer said: “Imagine you’re not going through life constantly reading crypto twitter and smart contracts. You believe DAI is a stablecoin backed by ETH (fairly liquid and a bit less volatile than other shitcoins). You go to an exchange to buy some. Oops! Here’s a [Basic Attention Token]-backed shitcoin instead.”  As more people in the crypto community start to understand the impact of the recent announcement, MKR is holding steady without much volatility.  MKR technical analysis Over the last few weeks, MKR saw its price rise over 67 percent from a low of $412 on Sept. 24 to a high of $690 on Nov. 11. The move was succeeded by a 19 percent correction that took this cryptocurrency down to $561, four days later.  Now, the 50 and 61.8 percent Fibonacci retracement levels appear to be containing the price of Maker as it awaits for a spike in volume that will determine where it would head next.  Based on its 12-hour chart, MKR is trading in a no-trade zone. The lower and upper Bollinger bands, sitting at $601 and $690, respectively, define this range. Trading within these support and resistance levels poses high-risk exposure. This is a result of the inability to determine in which direction the trend will result. As the Bollinger Bands squeeze on MKR’s 12-hour chart, the odds for a breakout increase. Thus, it will be wiser to wait for a clear move outside of this range before entering a trade. On the upside, if Maker closes above resistance it would signal a move up to the 78.6 percent Fibonacci retracement level, at $794. However, a spike in the selling pressure behind this crypto could take it to close below the support level. If this happens, MKR would likely plummet to the 38.2 percent Fibonacci retracement level, at $541.  MKR/USD by TradingView Moving forward The recent announcement by MakerDAO is generating significant buzz around the community. Even Reuters ran a story dedicated to how Dai is planning to “change the stablecoin game.” However, there are those who believe that the move to back Dai with a number of cryptocurrencies that present high levels of illiquidity could be extremely dangerous. As there are different sentiments about the Multi-Collateral Dai, MKR could be preparing to make a significant price move soon. On the upside, it could surge to nearly $800 while on the downside, it could plunge to $541.  The post MakerDAO launches Multi-Collateral Dai as MKR holds steady appeared first on CryptoSlate.
Cryptoslate

Multi-Collateral Dai Launches and Introduces the Dai Savings Rate

SAN FRANCISCO, Nov. 18, 2019 /PRNewswire/ --  MakerDAO, the protocol behind Dai, the world's first decentralized stablecoin built on the Ethereum blockchain and the leading stablecoin of decentralized finance, today enabled Multi-Collateral Dai (MCD). In a vote held November 15, MKR holders approved the addition of the Basic Attention Token (BAT), opening the door to countless additional collateral types in the future. The introduction of MCD also allows for today's launch of the Dai Savings Rate (DSR), a feature that makes it possible to earn savings simply by holding Dai. Users can learn how to generate Dai and how to access the DSR by visiting https://oasis.app/  From Sai to DaiThe introduction of MCD also marks a change in terminology. Beginning today, existing Single-Collateral Dai will be referred to as "Sai," while Multi-Collateral Dai will be called "Dai." Users can now upgrade their Sai to Dai easily through the Migration Portal (more on migration below). Upgrading provides users with all the benefits of MCD, including more collateral options and the Dai Savings Rate. Multi-Collateral Dai represents the future of digital cash, with the new DSR feature and the activation of a smart contract that paves the way for new collateral assets to back Dai. Accordingly, in the months ahead, Maker Governance will concentrate on adding new assets to MCD through debates and weekly votes. Therefore, anyone looking to take advantage of MCD's many features should upgrade to Dai as soon ...Full story available on Benzinga.com
Benzinga

Finnish Regulator Gives Approval to LocalBitcoins

The regulatory body for the financial sector in Finland has given the nod of approval to LocalBitcoins. The p2p venture was registered by the Finnish Financial Services Authority (FIN-FSA) as a licensed virtual currency provider. The regulatory body gave the go-ahead to the venture after it had met and fulfilled some of the outlined requirements. The requirements to be met before the approval can be given include the implementation of the various strategies designed to combat money laundering. These are collectively known as the anti-money laundering measures (AML). Another requirement is the implementation of the Know Your Customer (KYC) policies. Then there is the proper protection and security of the assets of the investors and clients. But these are not all. There must also be compliance with LocalBitcoins management and staff with all the obligations of qualifications. Good Vibes Sebastian Sonntag is the chief executive officer of LocalBitcoins and he has stressed an important fact. That is that Finland is trusted worldwide when it comes to controlling and proper monitoring of the financial sector. He also said the new approval is going to open up countless corporate opportunities for the venture. All stakeholders are most likely going to benefit from these opportunities. For LocalBitcoins to secure a license, the venture had to put in place some strategies. These strategies were aimed at controlling capital flows. An example was in the middle of the year when the venture got rid of the option of trading digital currency for cash in person. After deleting that option, it brought about the verification of users. All these were aimed at repositioning the venture properly in preparation for the approval from the regulating agency. Also, these strategies had some other effects. For example, they led to a fall in the volume of transactions by more than a third. But in nations that had problematic currencies like Venezuela or Argentina, the trading volumes with the venture were so high that records were broken. Talk of different strokes for different folks. Big Deal Now that LocalBitcoins has been given the status of a reliable currency provider, it is now going to be seen as more trustworthy to do business with. The good and interesting about this approval is that very few platforms in all of Finland have it. So, it means a lot not just for LocalBitcoins itself but for all its customers and stakeholders. Finland as a nation is pretty strict when it comes to financial regulation. For example, it has banned other digital asset-related ventures from operating outside what has been stipulated as the official guideline. Things are actually looking up very well for LocalBitcoins of late. Now, it is gaining more ground in nations like Colombia, Peru, Venezuela, Argentina and other countries in South America. It is also doing, even more, to ensure that it becomes even more transparent. From November, it commenced the blocking of certain accounts. All these are moves were to ensure it not only gets the approval but maintains the reputation that it has carved for itself in the sector. The post Finnish Regulator Gives Approval to LocalBitcoins appeared first on Cryptovibes.com - Daily Cryptocurrency and FX News.
Cryptovibes

Multi-Collateral Dai goes live on MakerDAO

Multi-Collateral Dai (MCD) has activated on the MakerDAO system after MKR token stakeholders made an executive vote last Friday to pass it through. MCD, as its name states, will enable users to create Dai stablecoin coins backed by multiple collateral types. The initial collaterals for MCD will be ether and basic attention tokens. Along with the MCD transition will be the introduction of the Dai Savings Rate, which will reward Dai holders with a variable interest rate paid out in Dai. With MCD's activation, there are now two Dai systems in Maker: Single Collateral Dai, which has been renamed Sai, and Multi-Collateral Dai, which has taken the Dai name. The Maker system and its users will ultimately completely migrate over to MCD.  According to The Block's analyst Matteo Leibowitz, "An expected timeline for total migration remains unknown, although various Maker Foundation employees have suggested that migration within several months would be considered a success. "
The Block Crypto

Andreessen Horowitz votes in favor of Multi-Collateral DAI

Last month, the Maker Foundation announced the launch of a Multi-Collateral Dai [MCD], a launch scheduled to take place on 18 November. Just last week, the Foundation revealed that the votes ratifyingThe post Andreessen Horowitz votes in favor of Multi-Collateral DAI appeared first on AMBCrypto.
AMBCrypto
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