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Bakkt to Self-Certify Bitcoin Futures, Looks to Launch as ICE’s Crypto Exchange Anticipation Builds

Finally! Bakkt is ready to launch its Bitcoin futures contract. In its latest announcement made Monday morning, Bakkt CEO Kelly Loeffler shared that they have “worked closely” with the US Commodity Futures Trading Commission (CFTC), the regulatory agency that oversees derivatives products and would be testing its physically-backed Bitcoin futures contracts this summer. It has […]
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Did ICE-Owned Bakkt Acquire RCG For Almost $20 Million Per Latest Shareholder Q1 Reports?

Did Bakkt Acquire RCG For Almost $20 Million? The cryptocurrency company and platform Bakkt could have paid almost $20 million for Rosenthal Collins Group (RCG). According to The Block, this is what the Intercontinental Exchange’s (ICE) Q1 financial filings suggest. The ICE is the parent company of Bakkt and the New York Stock Exchange (NYSE). […]
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Bakkt may have acquired RCG for $19 million

Crypto exchange Bakkt likely paid $19 million for the acquisition of Rosenthal Collins Group (RCG), an analysis of its parent company ICE's Q1 financial filings suggest.  Bakkt and ICE declined to confirm, so it's impossible to say categorically, but here are the puzzle pieces to an ever-interesting jigsaw. The sum of $19 million is listed in ICE's Q1'19 consolidated cash flow statement under 'investing activities.' This shows all cash movements from investing operations in the business and any cash paid by its subsidiaries (of which Bakkt is one). The $19 million figure is mysteriously not explained, but can be attributed to Bakkt by process of elimination. Neither ICE's other subsidiary (NYSE) nor ICE itself have completed any public acquisitions in the last quarter. Indeed, the only acquisition mentioned in ICE's most recent earnings call was that of RCG. ICE also has a track record of explaining its purchases in its statements. For instance, in Q1 2018, it explained the figure listed in this section of the statement - noting its $400 million acquisition of Bond Point. On this occasion however, the Q1 2019 figure is not attributed to ICE; perhaps because it is a far smaller purchase...or perhaps because it is Bakkt's. Hence, assuming ICE or its other subsidiary NYSE did not do any deals in Q1, and no payments were deferred, "then the $19 million figure is very likely for RCG", one analyst told The Block. Captured from page 9 of ICE's most recent filings.The two columns on the left show the investments from Q1 2019 and Q1 2018 respectively. Because Bakkt is controlled by ICE, its investments sit on its books. RCG was a futures commission merchant based in Chicago, but sold its client accounts and front-office to a firm called Marex Spectron last December. Bakkt then acquired the back-end and brought on several members of the RCG team in February according to its blog post. But sources say the $19 million price tag for RCG's back-end systems and team is rather high for what it is. Still, others pointed out that given Bakkt raised over $182.5 million, "they can afford a crazy overhead," and that acquisitions of this sort are central to its business model. Bakkt has since made a second acquisition, in the Digital Asset Custody Company (DACC). Notably, Jeff Sprecher, ICE's CEO, said on an earnings call last week that the crypto winter had helped make the purchase of DACC affordable.  "[We] acquired a company earlier this week that wouldn't have been available to us had this market been really hot because valuations were really hot," he said. Given the deal is believed to have closed in Q2, the price will likely be revealed in ICE's next filings. These two acquisitions - most likely in cash - plus a 40-person strong team means Bakkt's burn rate could be higher than expected. Hence, while it awaits regulatory approval and revenues remain stalled,  fundraising conversations may resume earlier than expected.
The Block Crypto

XRP registers massive surge, Bakkt makes major announcement and more

Crypto News – 14 May – XRP registers massive surge, Bakkt makes major announcement and more Don’t forget to follow us for our daily videos#CryptoNews #cryptocurrency #XRP #ripple #xrp @BankXRP#Consensus2019 @Bakkt #CryptocurrencyNews #bitcoin pic.twitter.com/l9e4shFhAR — AMBCrypto (@CryptoAmb) May 14, 2019 Crypto News – 14 May Cryptopia goes down: The New Zealand-based exchange, last in the news for the infamous hack in January, is in the news again after users reported that its website had been down for over 8 hours Read more at https://bit.ly/2Q5ATLV New York gets XRP trading access: San Francisco-based crypto-exchange, Coinbase, today announced that it was allowing XRP trading access to residents in the state of New York Read more at https://bit.ly/2LEVNCY BitMEX research on Binance: New research released by BitMEX suggests that Binance is the world’s leading Initial Exchange Offering platform Read more at https://bit.ly/2HjnBZo BitMEX research on ICOs: New research by BitMEX suggested that the ICO market was down by 3800% in Q1 of 2019 Read more at https://bit.ly/2JF3OFk New partnership for Gemini: Gemini, the cryptocurrency exchange, has partnered with Flexa, a global cryptocurrency payments network that enables major retailers to accept digital asset payments Read more at https://bit.ly/2VCJxaL New milestone for BitMEX: Noted crypto-exchange, BitMEX, marked a major milestone after registering a trading volume of $10 billion Read more at https://bit.ly/2Q2e7Vb Roger Ver on Binance Hack: Bitcoin Cash’s Roger Ver is of the opinion that people should not trust crypto-exchanges, but should instead, hold their money in their own wallets Read more at https://bit.ly/2Yti1cQ The post XRP registers massive surge, Bakkt makes major announcement and more appeared first on AMBCrypto.
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DIGEST

Zcash unveiled an already fixed vulnerability, US presidential candidate McAfee the debtor, QuadrigaCX seeking protection and justice, Kraken's new partnership, evidence of BTC decentralization improvements, rumors as for Bakkt, a bunch of news from Ripple and Telegram TON updates

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DIGEST

GBV launches a $100M blockchain fund, Siemens invests $681M, Dapper Labs acquires $15M, Bitfury secures $80M, investors are defrauded of 6,9M HKD, FLiK is used to steal $5M, $300M to build crypto city, Grayscale releases its Q3 investment report, Morgan Stanley publishes its BTC report, crypto investor owes government $400K in taxes, Bitcoin Exchange Guide shows BTC traders mistakes, where institutional investors can invest in crypto

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HIGHLIGHT

Bakkt CEO: Physical Delivery, No Margin Trading

Earlier this month, the Intercontinental Exchange — the operator of 23 global leading exchanges including the New York Stock Exchange — announced Bakkt, a regulated ecosystem for digital assets. Kelly Loeffler, CEO of Bakkt, shares details about the upcoming platform.

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Mike Novogratz: Facebook’s GlobalCoin Won’t Rival Bitcoin

Coinspeaker Mike Novogratz: Facebook’s GlobalCoin Won’t Rival BitcoinMajor Bitcoin bull and former Wall Street exec Mike Novogratz recently discussed the current state of the cryptocurrency industry. The Galaxy Digital CEO explained why he thinks the crypto winter is finally over and why ‘Facebook Coin’ won’t rival Bitcoin.During his interview, Novogratz reminded that everyone had their own version of Bitcoin and the supply exponentially grew. Bitcoin, he thinks, had really established itself as a store value. He said:“This is hard to do because there is just one more stored value of this kind. It’s gold. It is hard to be worth something just because it’s worth something. Almost everything else is different. For example, Uber shares are worth something because people are using it. What Bitcoin has done is a unique thing.”He also referred to Bitcoin’s intrinsic value saying:“You can take all the gold in history that has been mined and put it in three Olympic swimming pools and it’s worth $8,5 trillions. Why? Because it sits in the vaults.”Novogratz went to mention that retailers are buying Bitcoin but also the institutions are moving in. There are Yale, Harvard and Stanford endowments.Microsoft Wanting to Link with Bitcoin Blockchain is a Big ThingThe CEO claims the original Bitcoin boom witnessed around 2016-2017 was influenced by the retail-driven investments by around 98%. This means more companies were buying cryptocurrency at a time when it looked like the future of finance. The recent developments in the crypto world are also affected by ‘credentialing’ according to the CEO especially with the recent move by Microsoft in the industry.“Also, there is Microsoft, one of the biggest companies in the world that says they want to do identify solution by linking it to the Bitcoin blockchain. Now this is big.”Microsoft recently announced their initiation of an identity solution to add to the Bitcoin blockchain. As more investments crowd Bitcoin, its value soars higher as witnessed in the recent spike. Microsoft is not the only big organization enabling the ‘credentialization’ of Bitcoin. Not long ago, Facebook lifted all the bans it had imposed on cryptocurrency and any blockchain-related advertisements.He also mentioned Facebook coin saying that it is really important for the ecosystem.“Crypto is going to be part of Facebook’s future. However, this coin will be listed to some stable currency and will be used for payyments. Bitcoin on the other hand is not going to be the payment currency – it will be stored vault, just like gold. If you really think bitcoin is gonna win this store of value, everything else needs to be used for something.”GlobalCoin Isn’t a Threat to BitcoinAs we’ve already wrote, Facebook’s GlobalCoin will probably be established as a stablecoin, pegged to the dollar or local currencies in the countries that will be allowed to use it. It is also likely to run on a private, centralized blockchain, owned and controlled by the company. Based on this fact, it can not be perceived as a direct competition to Bitcoin or other peer to peer decentralized digital currencies.Other coins that piqued Novogratz’s interest include Ethereum and EOS. These projects have to encourage developers to build on top of their platforms. Just few days ago he was comparing various cryptocurrencies with chemical elements in the periodic table. He then considered the role of altcoins, hinting that each coin will have “to prove themselves out” in order to provide a certain use case.On this note, Novogratz argued out that “there’s no one building anything on the Litecoin blockchain,” as opposed to the Ethereum blockchain.Recently, Novogratz made yet another Bitcoin prediction, claiming that the major cryptocurrency will beat its all-time-high record of $20,000 within the next 18 months.Mike Novogratz: Facebook’s GlobalCoin Won’t Rival Bitcoin
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Binance Exchange soon To Roll Margin Trading Service For the First Time

An official blog released by Binance exchange confirms the launch of Margin trading service. However, earlier on May 24, 2019, Binance tweeted two screenshots, seeking user’s suggestion on which layout would they be preferred, a white background one and the black background. It was first noticed on Binance’s Twitter handle when a tweet was posted with two different colors included with the tab of Margin. Nonetheless, it was to create the buzz of its upcoming feature but according to TechCrunch, it has already been tested among a few users. As the testing has already been undergone, it is worth to predict that the margin trading option will go live anytime soon. By usage, Margin trading is an option that enables traders to boost up their buying power by using their balances as collateral. However, it wasn’t available at Binance exchange even the binance itself as the largest exchange as well as  the margin trading option carries potential profit margin. It is the first of its kind of Binance to launch margin trading service whereas the other trading platforms including BitMex, Huobi Pro, Poloniex, Coinbaes’s GDAX and Kraken are already serving this service to their customers. Also Read – Binance’s BNB Token Jumps 12% to Hit $34 Following Margin Trade Interface Tease At the moment, Binance is the second largest cryptocurrency exchange in terms of adjusted volume of the last 24 hours. It presently counts the volume of $2,088,850,554. Nonetheless, its native token, Binance Coin (BNB) is soaring a new peak of $33.87 against US Dollar. According to data provided by Coinmarketcap (CMC), BNB is surging with 6.42 percent over the past 24 hours and presently valuing the average trading volume of $4,781,168,385. Image source – Coinmarketcap What’s your take on BNB’s soaring value.? Do you think it will jump higher citing margin trading option by Binance exchange.? Let us know in the comment below Image source – Techcrunch The post Binance Exchange soon To Roll Margin Trading Service For the First Time appeared first on Coingape.
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Is Facebook Launching its GlobalCoin Cryptocurrency Next Year? BBC Says Yes

There’s been a lot of information circulating that Facebook is moving into the crypto market. And while some of this information is outright false, other bits are true — at least, that’s what the sources say. Take today, for example. On Friday, BBC said Facebook (NASDAQ:FB) is going to roll out GlobalCoin next year in several countries. Here’s everything we know. Facebook’s GlobalCoin Hitting the Market Soon? According to BBC, a London, UK-based broadcasting company, Facebook is planning to roll out its cryptocurrency “GlobalCoin” in 2020. The online media giant, according to the BBC ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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Facebook’s GlobalCoin Allegedly to be introduced in 2020

The post Facebook’s GlobalCoin Allegedly to be introduced in 2020 written by Wieke Beenen appeared first on Blockchain News - Security and Utility Tokens, Tokenomics, Cryptoeconomics According to a report by the BBC, Facebook has serious plans introduce its own crypto currency. The facebook coin, internally referred to as ‘GlobalCoin’ will be introduced in multiple countries in the first quarter of 2020, after extensive testing at the end of this year. The new stablecoin which has been rumored about for a […] The post Facebook’s GlobalCoin Allegedly to be introduced in 2020 written by Wieke Beenen appeared first on Blockchain News - Security and Utility Tokens, Tokenomics, Cryptoeconomics
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