Bakkt news

ICE's forthcoming ecosystem for digital assets.

World latest news

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 to an update on the Bakkt Twitter page. This according to the update will be achieved by enabling transaction efficiency between consumers and merchants. Our vision is to bring digital assets into the mainstream by enabling efficient transactions between consumers and merchants — Bakkt (@Bakkt) January 15, 2019 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 implying 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 brought in institutional investors such as Boston Consulting Group, Microsoft’s venture capital arm M12 and Naspers’ fintech firm. Confirming this, Bakkt CEO Kelly Loeffler 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 a 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? The post Bakkt says its Mission is to “Bring Digital Assets into the Mainstream” appeared first on ZyCrypto.
ZyCrypto

Bakkt Acquires Established Futures Brokerage to Strengthen Bitcoin Offering

Coming Bitcoin futures exchange Bakkt announced Monday the acquisition of an independent futures commission merchant for an undisclosed amount. The move aims to augment Bakkt’s services for institutional investments in cryptocurrency assets. On the back of a $182 million capital raise, Bakkt’s relentless work in developing a trusted brokerage for cryptocurrencies is unfolding. The firm understands building trading engines and custodian services are part of the battle, but aligning that with trusted financial providers is what may attract institutional capital to the crypto-finance sector. According to a blog post, Bakkt has begun the process of acquiring “certain assets” owned by the Rosenthal Collins Group (RCG), a Chicago-based options broker that develops and operates trading platforms tailored to large orders, high-frequency firms, and retail investors. The transaction is expected to complete in February 2019. Once complete, RCG’s workers would join the Bakkt team moving forward. To strengthen its offering, Bakkt is acquiring RCG’s framework of treasury operations and risk management, with an additional focus on AML/KYC, customer service, and regulatory compliance. As noted on their blog, the efforts stem from Bakkt’s aim to enhance digital asset offerings and enable “more choice and control” to buyers and sellers. Related: World’s 23rd Richest Man Invests in Cryptocurrency Exchange Bakkt’s First Funding Round  Bakkt’s Pre-Launch Preparations Bakkt added it is “not standing still” as it awaits regulatory approval from the Commodities and Futures Trading Commission (CFTC) to launch its crypto-trading service. Instead, it is augmenting its product by investing in technology that will allow it to build a robust platform. Meanwhile, updates about Bakkt’s impending launch remain unknown. The firm was earlier scheduled for a November 2018 start, which was then postponed to January 2019, and finally postponed “indefinitely” as regulatory approvals are sought. Bakkt is backed by some of the world’s most influential companies, including Microsoft, Starbucks, and Bain Capital, and is a product of the New York Stock Exchange’s (NYSE) parent company Intercontinental Exchange. The firm specializes in physically-delivered settlements for Bitcoin futures and aims to build a platform that allows quick-conversion of digital assets for merchants and business outlets. Expectations are high, and once Bakkt goes live, consumers hope that it will usher in a new period of liquidity and adoption. The post Bakkt Acquires Established Futures Brokerage to Strengthen Bitcoin Offering appeared first on CryptoSlate.
Cryptoslate

Bakkt Acquisition: Backend Buyup to Boost Crypto Amid Payments Wars

In Bakkt acquisition news, the forthcoming cryptocurrency exchange has agreed to acquire a series of back-office departments from futures commission merchant Rosenthal Collins Group (RCG). The new staff will be leveraged to boost the platform’s support infrastructure and crypto payments plans. The move comes as chop and competition are mounting in the mainstream payments arena.  Also read: Crypto Politico Rep. Gabbard Gunning for Presidency. FTW? Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts ‘We’re Not Standing Still’: New Bakkt Acquisition Will Help Staff Up Platform Bakkt, the coming cryptocurrency exchange and bitcoin futures platform backed by NYSE owner-operator Intercontinental Exchange, has announced an agreement to acquire elements of RCG’s treasury, risk management, and customer service staff. We're pleased to share that we have entered into an agreement to acquire certain assets of Rosenthal Collins Group (RCG), an independent futures commission merchant https://t.co/5sgdbRO6Ql — Bakkt (@Bakkt) January 14, 2019 The deal, which will reportedly be finalized next month, is a plucking of sorts by Bakkt, as RCG was already participating in a wider sale of its customer accounts to commodity brokers titan Marex Spectron. Per Bakkt CEO Kelly Loeffler, the new support staff will be inserted into comparable roles at the company to boost the cryptocurrency platform’s own backend operations, the key difference for them being that digital assets will now be the main commodities at hand in their work. With its new acquisition, Bakkt looks to leverage a backend team that can take its crypto operations to the next level. “This acquisition underlines the fact we’re not standing still as we await regulatory approval by the CFTC for the launch of regulated trading in our crypto markets,” Loeffler said. “Our mission requires significant investment in technology to establish an innovative platform, as well as financial market expertise to deliver the most trusted fintech ecosystem for digital assets.” Notably, the buyup comes after Bakkt declared its inaugural funding round had secured $182.5 million USD in late Dec. 2018. Its new support staff, along with its war chest, will allow the platform to continue gunning toward retail-focused services like pre-funded cryptocurrency cards. Bakkt Fighting for Mainstream Retail Crypto at a Time of Apparent Payments Wars A specter is haunting mainstream Western payments powers, and that specter looks to be China. That’s because the People’s Bank of China, the Asian superpower’s central bank, has reportedly refused to acknowledge Mastercard’s and Visa’s latest round of applications to process payments of renminbi, the official Chinese currency. The incident appears to be a major de facto ghosting, as the renminbi was a $124 trillion market less than two years ago. And speaking of fiat payments, Russia has bought lots of renminbi as of late as the economically-sanctioned nation has ramped up a dedollarization campaign. The thrust to exit USD has also generated buzz that Russia could be preparing to diversity its currency portfoflio into bitcoin, one Kremlin-linked economist has said. Back in the U.S., the Federal Reserve is seemingly anxious over embracing rising financial tech firms for now. All these threads point to the same thing: there’s currently no shortage of chop, competition, and uncertainty in the global payments arena. If there was ever a time for insurgent cryptocurrencies to decisively stake their claims, it’s now. What’s your take? Will the new Bakkt acquisition give the platform the needed infrastructure to tangibly boost cryptocurrency adoption? Let us know in the comments section below.  Images via Pixabay The post Bakkt Acquisition: Backend Buyup to Boost Crypto Amid Payments Wars appeared first on Bitsonline.
Bitsonline

Bakkt Makes Its First Acquisition, And Bitrex Launches OTC Desk

The State of The Market — January 15, 2019BTC: $3,681.03 (+2.61%)XRP: $0.331375 (+2.75%)ETH: $127.78 (+7.80%)The market made an unexpected bounce today, with most of the cryptocurrencies flashing green right now. In fact, all of the top 20 cryptocurrencies made small gains today and the total crypto market cap added over $4.5 Billion. As Ethereum closes in on its upcoming hard fork, it made bigger gains. The difference in market caps between XRP and Ethereum is just $150 Million, and Ethereum could regain its second spot in the next few hours if the gains continue. However, an unexpected outcome from the hard fork could severely affect its price.In other news, a recent report published by the research firm Diar shows that cryptocurrency exchanges closed 2018 with “record transaction volumes,” as both the number of trades and the trade volume increased on major crypto exchanges in 2018 when compared to data from 2017. The USD markets on Coinbase increased by 21% in 2018 while Kraken saw an increase of 192% and Bitfinex saw an increase of 50%. Also, Chinese mining giant Bitmain has decided to shut down another one of its overseas offices. This time, it is Amsterdam. Bitmain claims it is a part of its process in making the business sustainable and scalable over the long term. Bitmain is estimated to have lost over $700 Million in Q4 2018 alone, and the company is laying off a large number of its employees worldwide to make up for these losses.1) On Monday Bakkt CEO Kelly Loeffler announced that Bakkt has acquired “certain assets of Rosenthal Collins Group (RCG), an independent futures commission merchant.” In a Medium post, Loeffler further explained that the acquisitions will “enhance our risk management and treasury operations with systems and expertise.” Loeffler also explained that the acquisition will bolster Bakkt’s regulatory, AML / KYC and customer service capacity. In a recent interview with Fortune, Loeffler said that this particular acquisition “confirms that the cryptocurrency trading company is speeding up its plans to revolutionize the way people pay for everything from coffee to cars.” At the moment Bakkt is waiting for regulatory approval from the CFTC. (Read More)2) Bittrex has revealed a new over-the-counter (OTC) trading desk which will allow authorized clients to “quickly and conveniently trade assets”. The trading desk will support all 200 digital assets available on the platform and traders looking to trade a minimum of $250,000 will have the option of “guaranteed pricing” on major trades. The platform is already live, and Bittrex CEO Bill Shihara said that “this offering will be another way for Bittrex to further advance the adoption of blockchain technology worldwide”. Coinbase Prime, Poloniex and Circle already offer OTC trading services and recent reporting has found that massive amounts of transaction volume occurred across OTC trading desks in 2018. (Read More)3) HSBC announced that is had settled more than $250 billion worth of transactions through the use of distributed ledger technology (DLT). According to HSBC, 3 million foreign exchange (FX) transactions were made, and 150,000 payments were sent using the HSBC FX Everywhere. The bank said that the platform has produced “significant efficiencies and opportunities” as the organization can verify that payments are settled without having to seek external confirmation and all intra-company trade data is unified on a “shared, single version of the truth.” Richard Bibbey, the HSBC global head of FX and commodities, explained that the bank and its clients manage thousands of foreign exchange transactions across the globe and he intimated that “we are now exploring how this technology could help our multinational clients who also have multiple treasury centers and cross-border supply chains.” (Read More)Subscribe to the Berminal Brief NewsletterDownload Berminal App for FreeThe Berminal WebsiteBerminal Official TelegramBerminal TwitterBakkt Makes Its First Acquisition, And Bitrex Launches OTC Desk was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon
More news sources

Bakkt news by Finrazor

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

Read more
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.

Read more

Trending

Hot news

Hot world news

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust Digital currency investment group Grayscale confirmed it had successfully launched its latest fund, dedicated to Stellar’s Lumens (XLM) token, in a tweet Jan. 17. Grayscale, which now operates nine cryptocurrency funds, timed the move to coincide with a change of image for its products, renaming all its […] Cet article Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust est apparu en premier sur Bitcoin Central.
Bitcoin Central

Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

CoinSpeaker Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project Until now, everybody has been talking about Bitcoin, the most popular and widely used digital currency. However, Bitcoin is unable to process thousands of transactions a second. Researchers from the Massachusetts Institute of Technology (MIT), UC-Berkeley, Stanford University, Carnegie Mellon University, University of Southern California, and the University of Washington have decided to fix such a weakness and develop a crypto asset better than Bitcoin. The researchers are working together as Distributed Technology Research (DTR), a non-profit organization based in Switzerland and backed by hedge fund Pantera Capital. The first initiative of Distributed Technology Research is the Unit-e, a virtual coin that is expected to solve bitcoin’s scalability issues while holding true to a decentralized model and process transactions faster than even Visa or Mastercard. Babak Dastmaltschi, Chairman of the DTR Foundation Council, said: “The blockchain and digital currency markets are at an interesting crossroads, reminiscent of the inflection points reached when industries such as telecom and the internet were coming of age. These are transformative times. We are nearing the point where every person in the world is connected together. Advancements in distributed technologies will enable open networks, avoiding the need for centralized authorities. DTR was formed with the goal of enabling and supporting this revolution, and it is in this vein that we unveil Unit-e.” According to the press release, Unit-e will be able to process 10,000 transactions per second. That’s worlds away from the current average of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. Joey Krug, a member of the DTR Foundation Council and Co-Chief Investment Officer at Pantera Capital, believes that a lack of scalability is holding back cryptocurrency mass adoption. He said: “We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.” The project’s ideology is firmly rooted in transparency, with a belief in open-source, decentralized software developed in the public interest with inclusive decision-making. The core team of the project is based in Berlin. To solve the scalability problem, DTR has decided to develop the Unit-e with parameters very close to Bitcoin’s design, but many things will be improved. Gulia Fanti, DTR lead researcher and Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University, commented: “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.” The launch of the Unit-e is planned for the second half of 2019. Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project
Coinspeaker

BitPay CEO Says Bitcoin Is Solving Real Problems Around the World

BitPay co-founder and CEO, Stephen Pair, has recently commented that Bitcoin (BTC) is solving several issues around the world. He said that in a press release uploaded a […] The post BitPay CEO Says Bitcoin Is Solving Real Problems Around the World appeared first on UseTheBitcoin.
Use The Bitcoin

Trillion Dollar Market Cap, Ethereum Chain Splits & Stellar Lumens Fund - Crypto News

In this video, Mattie gives you the latest bitcoin and crypto news. He talks about the ethereum chain splitting, BitGo CEO Says Institutional Money in Crypto Can ‘Easily’ Reach Trillions of Dollars, and a new Stellar Lumens fund. This is a daily segment! ----------------------------------------------------------------------------------- CHECK OUT OUR PODCAST: https://bit.ly/2sZCAiF New episode every Monday and Friday! ----------------------------------------------------------------------------------- Check out Altcoin Buzz Ladies! https://www.youtube.com/channel/UCxulvI2C9wUvvDDNS7S35fA/videos ---------------------------------------------------------------------------------- Connect with us on Social Media: Twitter: https://bit.ly/2GDAoCp Facebook: https://bit.ly/2wYksLB Telegram: https://bit.ly/2IAqDuI ---------------------------------------------------------------------------------- Looking for the best cryptocurrency wallets? Check these out: BitLox: https://bit.ly/2rWQnHa CoolWallet S: https://bit.ly/2Liy5bv Trezor: https://bit.ly/2IXrZic Ledger Nano S: https://bit.ly/2IyE3al KeepKey: https://bit.ly/2x5TlhM Read about them here: https://bit.ly/2rTdthZ --------------------------------------------------------------------------------- References: Leading Crypto Asset Manager Grayscale Launches Stellar Lumens Trust https://www.altcoinbuzz.io/crypto-news/finance-and-funding/leading-crypto-asset-manager-grayscale-launches-stellar-lumens-trust/?fbclid=IwAR2AlAU_C_8Mm9CUm2hDci0pmdW3pvLzphS-BSy888SzDptaXMeifxZgJ1I Crypto Investment Firm Grayscale Launches Fund Dedicated to Stellar Lumens (XLM) https://www.cryptoglobe.com/latest/2019/01/crypto-investment-firm-grayscale-launches-fund-dedicated-to-stellar-lumens-xlm/ Grayscale Tweet https://twitter.com/GrayscaleInvest/status/1085904356635959297?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1085904356635959297&ref_url=https%3A%2F%2Fwww.altcoinbuzz.io%2Fcrypto-news%2Ffinance-and-funding%2Fleading-crypto-asset-manager-grayscale-launches-stellar-lumens-trust%2F Grayscale https://grayscale.co/stellar-lumens-trust/ BitGo CEO Says Institutional Money in Crypto Can ‘Easily’ Reach Trillions of Dollars As Company Launches Cold Storage Trading https://dailyhodl.com/2019/01/17/bitgo-ceo-says-institutional-money-in-crypto-can-easily-reach-trillions-of-dollars-as-company-launches-cold-storage-trading/ Crypto’s Billion-Dollar Theft Problem Prompts Safer Way to Trade https://www.bloomberg.com/news/articles/2019-01-16/crypto-s-billion-dollar-theft-problem-prompts-safer-way-to-trade Ethereum Chain Splits, An Estimated 10% of Miners Stay on Constantinople https://www.trustnodes.com/2019/01/17/ethereum-chain-splits-an-estimated-10-of-miners-stay-on-constantinople Ethereum Upgrade – Constantinople Hard Fork Delayed https://www.altcoinbuzz.io/crypto-news/product-release/ethereum-upgrade-constantinople-hard-fork-delayed/ VanEck to Nasdaq: Bitcoin Market Structure Expected to Improve in 2019 https://www.newsbtc.com/2019/01/17/vaneck-to-nasdaq-bitcoin-market-structure-expected-to-improve-in-2019/ Nasdaq Tweet https://twitter.com/Nasdaq/status/1085522054559031296?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1085522054559031296&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F01%2F17%2Fvaneck-to-nasdaq-bitcoin-market-structure-expected-to-improve-in-2019%2F -------------------------------------------------------------------------------- DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
Altcoin Buzz
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.