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Bakkt to Provide Bitcoin Custody but Its Product Raises Questions

Bakkt launched its institutional custody services. The Bakkt Warehouse launched with a robust insurance policy and a range of clients. Bakkt’s daily trading volume is picking up. Bakkt, a bitcoin futures exchange backed by the Intercontinental Exchange (ICE), announced that it is launching custodial services for institutional enterprises. This is not the first organization to […] The post Bakkt to Provide Bitcoin Custody but Its Product Raises Questions appeared first on

Bakkt Bitcoin Custody Warehouse Gets Ultra Secured and Available Worldwide

Coinspeaker Bakkt Bitcoin Custody Warehouse Gets Ultra Secured and Available WorldwideThe venture hopes that with top guards surrounding the warehouse, security cameras, and iron doors, it will make the vault unbreakable. Bakkt is already setting the all-time highs with cryptocurrency trading. That’s why it will facilitate pentesters and third-party auditors to avoid hacks and other dangers at all costs.In the past, clients were able to trade Bitcoin futures. But only that. After receiving approval from the NYDFS, Bakkt sets everything to change. Now, accredited investors from all over the planet can call Bakkt to buy Bitcoin custody services with premium features.Galaxy Digital, Tagomi, and Pantera Capital already signed up for the offer and will trust their coins with Bakkt’s insurance and warehouse offers.Technology needs something that will impress sophisticated people from higher investment circles. People with a large amount of cash like predictable markets. They don’t appreciate volatility or weak security that is essential for online exchanges and OTC trading. More than that, many of the venture investors don’t want to show off their names. People controlling all those pesky crypto exchanges usually have no names and no addresses, why should one disclose his credentials?With Bakkt, customer’s funds are stored within a special vault containing a dedicated network.Operational Controls and Enterprise-Grade InfrastructureThe infrastructure consists of a series of protected data centers with autonomous electricity, armed guards with superhero skills, security cameras everywhere, and 24/7 incident response teams available to catch any night intruders.The operations with Bitcoins are not just the act of transaction signing. To send coins, the vault will ask for the corresponding signatures from parties across the planet. This is exactly what a multi-signature wallet does. This looks like a spy thriller, but hold on. The most exciting part here is that they will save your Bitcoins even if a natural disaster will happen and destroy their facilities. It all can be possible thanks to the 125 million United States dollars granted by a ”global syndicate of insurers”. Those guys have a sense of humor.James Edwards Has Some Viable Critics towards the Security MeasuresCoinspeaker has asked maintainer James Edwards, who is famous for his expertise in blockchain security, about the measures that Bakkt implemented to protect funds. Here’s his brief review of the offered measures:”The Bakkt wallet must be signed by all necessary parties for the TX to occur.If they’re all in different places (on the planet) (# of places = x):1. X times that these counterparties must communicate over a network of some sort that can be compromised in a number of different ways.2. Coordination of such a request for signing could present another attack vector.3. Validation of said request = another attack vector multiplied * by X requisite signatures.4. Now I and everyone else knows at least part of their protocol at this point and from this + them bragging about them hiding the solution “on-premise” gives me enough info to make several more deductions.5. Using this info, tracing down the specific address most likely is a lot more simple. These are institutional investors, so safe to assume their funds would be significant & the wallet should at least be 3/5 or greater (a safe guess). Few wallets apart from known exchanges fit those criteria.6. X number of people are intimately aware of your internal process & they can be compromised a # of different ways.7. There’s only one TX crafted with all these signatures. So there must be some integration point & someone that’s doing this.8. Since they announced this was “on-premise” in a room with a vault among other things, there’s a lot of room for me to begin poking at cracks / obtaining info via social engineering.”Unfortunately, as we see, not every industry expert welcomes such hardcore physical matters of private keys defense and distribution. But does the system has any chances to succeed? We’ll find out in the future.Bakkt Bitcoin Custody Warehouse Gets Ultra Secured and Available Worldwide

Bakkt's bitcoin warehouse available to all institutions

Bakkt, the cryptocurrency venture backed by Intercontinental Exchange (NYSE: ICE), marks another milestone after announcing the launch of its institutional custody business. The information was made pThe post Bakkt's bitcoin warehouse available to all institutions appeared first on AMBCrypto.

Bakkt Opens Bitcoin Custody to All Institutions, Futures on Track for New ATH

The Bakkt platform has just announced that it will now allow any institutions to use its Bitcoin custody solution. Previously, only those trading the platform’s Bitcoin futures contracts had access to the Bakkt Warehouse. The news comes as Bakkt futures look on track to set another all-time high. After a rather dismal start to trading on the platform, interest appears now appears to have picked up. Bakkt to Offer All Institutional Clients Access to its Bitcoin Custody Warehouse According to a blog post by Bakkt, the company is opening up its regulated Bitcoin custody service to all institutions. The Bakkt Warehouse actually went live prior to the launch of the platform’s futures contracts this September. However, it was previously reserved for clients wanting to trade the physically-settled Bitcoin futures. The New York Department of Financial Services (NYDFS) recently granted Bakkt permission to offer custody services to global clients. Already taking advantage of the service are Pantera Capital, Galaxy Digital, and Tagomi. Bakkt says that it is in the process of onboarding additional clients for its Warehouse service. In the post, Bakkt’s Adam White describes custody as “perhaps the critical link” needed for institutional adoption of Bitcoin. He adds: “Safely storing digital assets demands a comprehensive approach to custody. Institutions and sophisticated investors… require proven infrastructure, robust operational controls, and independent oversight.” White also describes some of Bakkt’s procedures to ensure clients’ digital assets remain secure. He mentions the platform’s $125 million insurance policy, its segregation of personal duties, the auditing process it undergoes, and a host of other features aimed at protecting customer funds. Interest in Bakkt’s Futures Continues to Heat Up Despite a highly underwhelming debut, interest in Bakkt’s Bitcoin futures is finally starting to pick up. On Friday November 8, the platform smashed its previous all-time high. The daily session saw the trading of 1,741 Bitcoin futures contracts. The total dollar figure was almost $15.5 million. ICYMI: Friday's Bakkt Bitcoin Monthly Futures: Traded contracts: 1741 ($15,486,195) (New ATH ) Day before: 834 (+109%) All time high: 1741 (11/8/2019) *bleep blop* tip sats for server costs — Bakkt Volume Bot (@BakktBot) November 9, 2019 Although these figures are still insignificant when compared with other cryptocurrency exchange trading volume, considering that month following Bakkt’s launch saw only figures between $200,000 and $1.9 million trade each day, the current volumes are a sizeable increase. Today, Bakkt again looks on track to set a new all-time high. Traders had already exchanged 1,018 Bitcoin futures contracts at just a third of the way through the current session. The Bakkt monitoring Twitter account Bakkt Volume Bot (@BakktBot) projects a total daily volume for today of 2,031 contracts. This would be equivalent to more than $17.75 million. ∙ Today's volume so far: 1018 BTC ($8,899,865)∙ Last traded price: $8,743∙ Trading day progress: 34%∙ Current daily Bakktarget: 2031 BTC ($17,758,622) — Bakkt Volume Bot (@BakktBot) November 11, 2019   Related Reading: Why Bitcoin Needs to Flip $9,700 Into Support to Support Bull Case Featured Image from Shutterstock. Bakkt Opens Bitcoin Custody to All Institutions, Futures on Track for New ATH was last modified: November 11th, 2019 by Rick D.The post Bakkt Opens Bitcoin Custody to All Institutions, Futures on Track for New ATH appeared first on NewsBTC.
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Bakkt news by Finrazor


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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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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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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Crypto Adoption: Royal Bank of Canada Might Soon Launch A Crypto Trading Platform

Canada’s largest bank, The Royal Bank of Canada having over $965 billion in total assets could soon launch a crypto trading platform. Will RBC Soon offer Crypto Accounts? As per reports, by leading media, The Logic, RBC has applied for four patents in Canada and the US – a hint enough to decude that the bank might integrate cryptos into its operations. When questioned RBC spokesperson Jean Francois Thibault told  The Logic that similar to other organizations, patent applications, and concepts are protected and declined to comment on the platform launch. “To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices,” reads the patent. The report further mentions that the bank could offer its customers cryptocurrency accounts. As a matter of fact, RBC has published a minimum of 27-blockchain-related patents in the past three years. These include credit scores, vehicle records, digital rewards and loan offerings. Rising Crypto & Blockchain Adoption in Canada A study by Bank of Canada in early October revealed that 5% of Canadians own bitcoin. Furthermore, the nation has been well-positioned in attracting mining businesses due to its colder climate and low energy costs. Not only is the national interest in cryptocurrencies rising, a survey by Deloitte in 2018 revealed that fifty-one percent of Canadian companies were investing in blockchain. Yesterday, Canada launched its second stablecoin, CUSD. Interestingly, the stablecoin is backed by the US Dollar and not the Canadian Dollar. CUSD similar to its forerunner CADT, (backed by the Canadian Dollar) has been developed by Blockchain Venture Captial Inc., a Canadian blockchain-based company. Will Royal Bank of Canada roll out its own crypto exchange? Let us know, what you think in the comments below!   The post Crypto Adoption: Royal Bank of Canada Might Soon Launch A Crypto Trading Platform appeared first on Coingape.

Celebrity-Founded Pac Token IEO Campaign To Launch On GCOX

The Initial Exchange Offering (IEO) of a celebrity coin called PAC Token (PAC) has gained the attention of the crypto community. However, this is a token for a “select few” due to the distribution strategy that has been put in place. It is an IEO where a first-come-first-served basis will not apply, but rather, an electronic ballot system will determine who gets the coin. What’s more, PAC is backed by a celebrity, and given how past cryptocurrency ventures launched by stars ended in shambles, a lot of fingers are crossed. Will PAC be a huge success and possibly the next big thing? Or will it like others before its time leave investors holding a bag of worthless tokens? Who knows! What is Pac Token? PAC Token (PAC) is an ERC-20 token that rides on the popularity of Manny Pacquiao, a Senator in the Philippines, and a professional boxer. The cryptocurrency was launched on September 1, 2019, at “A Concert For Champions” held in Manila, Philippines. These tokens are aimed at bringing the Filipino boxer closer to his fans by giving his sizable followers access to fan-celebrity programs powered by Singapore’s GCOX exchange. In the same vein, fans can connect with the pro-fighter on social media. The crypto asset can also be used to redeem products such as Pacquiao’s autographed glove or exclusive VIP box seats at boxing matches. It can be donated to Pacquiao to support his cause. On the other hand, England soccer star Michael Owen and Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family, are reportedly private investors of PAC. Who is Manny Pacquiao? Emmanuel Dapidran Pacquiao, popularly known as Manny Pacquiao, is a man of many interests. He is a politician who has been a serving Senator in the Philippines since 2016. Likewise, the 40-year-old is a renowned boxer who has several accolades to his name. According to Wikipedia, he is “one of the greatest professional boxers of all time.” The Boxing Writers Association of America (BWAA) also named Pacquiao, “Fighter of the Decade 2000”. Forbes, on the other hand, ranked him as the second-highest-paid athlete in the world as of 2015. Despite Pacquiao’s interest in politics and sports, he is now dabbling with blockchain technology, which has led to the launch of his cryptocurrency, Pac Token. Pac Token IEO Campaign on GCOX Exchange The Pac Token (PAC) will be distributed in an Initial Exchange Offering (IEO), instead of an Initial Coin Offering (ICO) since it is offered through an exchange. PAC’s IEO has been scheduled to take place on GCOX Sparkle, the IEO platform on GCOX (Global Crypto Offering Exchange). The IEO will start on November 12, 2019, at 9 pm (GMT+8), to end on November 14, 2019. Three rounds of sales have been slated, and each round will last for three hours. Also, 700,000 PAC tokens will be offered, and each token will cost $0.30 USD. Token Balloting System to Aid in Acquiring PAC During IEO The fact that a renowned celebrity backs PAC has earned it much attention, which means there will be more people willing to buy despite the fact that there are just a few tokens to go round. A system has, therefore, been devised to allocate tokens during the campaign. That being the case, it won’t be on a first-come, first-served basis. Instead, GCOX has chosen to use a Token Balloting system to determine who can acquire PAC during then IEO. According to the exchange, each account on the GCOX Sparkle is limited to one subscription as well as a minimum and maximum subscription amount of $30 and $1,200, respectively. At the completion of the IEO, an electronic ballot will allocate tokens to individuals. However, these tokens will be credited to the wallets of participants on November 19, 2019, by 6 pm (GMT+8). Deducing from this logic, not very many people are going to get their hands on this token, given the policy that has been put in place. Nonetheless, it may increase the token’s demand from Pacquiao’s fan base and potentially impact on its price positively. About GCOX GCOX is a decentralized exchange owned by GCOX Group, a group of companies in different industries, including entertainment, finance, and technology. The exchange was founded in 2017, and it became the first cryptocurrency exchange to collaborate with LaLiga, a Spanish football division. GCOX is focused on promoting celebrities and brands using its ACCLAIM blockchain. Stars can develop their popularity, raise funds, etc. using GCOX. As such, it does not come as a surprise that this exchange is chosen for the PAC IEO. However, PAC will be the first celebrity token IEO to launch on the GCOX Sparkle platform. Other celebrities like American singer Jason Derulo, Tennis ace Caroline Wozniacki, and English soccer star Michael Owen are rumored to plan to launch their crypto tokens on GCOX soon. Conclusion PAC Token is the first celebrity coin to go on sale on the GCOX cryptocurrency exchange. It is backed by Manny Pacquiao, a politician, and boxer who has garnered a sizable number of fans that can increase PAC’s demand. And despite the failed attempts of other crypto ventures by celebrities, PAC Token is likely to come out strong. Website: Telegram: Facebook: YouTube: Twitter: Instagram: IEO Page of GCOX Exchange: Disclosure/Disclaimer: This article is sponsored and produced by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers are urged to do their own research before investing or having anything to do with the company, goods and/or services mentioned in the above article. The post Celebrity-Founded Pac Token IEO Campaign To Launch On GCOX appeared first on ZyCrypto.

Chinese E-Commerce Giant Alibaba Offers Free Bitcoin to US Shoppers

Yes, you did read that right. The company that refused to let its Chinese users buy bitcoin with Alipay has now teamed up with a New York-based BTC app to offer it for free on ‘Singles Day’. Get Free Bitcoin on Singles Day As part of a drive to motivate shoppers on China’s ‘Singles Day’ yesterday, e-commerce giant Alibaba has partnered will the bitcoin shopping app, Lolli. The unofficial holiday which falls on 11/11 is the Chinese equivalent of America’s Black Friday. According to a company blog post Lolli users were able to earn 5% in bitcoin when they shop with partner Alibaba. The day is massively popular in China where its burgeoning younger generation and nouveau riche want to splash the cash to celebrate their solo status. Lolli’s partnership with Alibaba, which recently warned against crypto payments in China, would allow US-based users who purchase on the Chinese platform to earn a cut in BTC. CEO and co-founder of Lolli, Alex Adelman, stated; “I’m excited to partner with Alibaba on Singles Day and offer the opportunity to earn bitcoin back to its shoppers. This is a milestone partnership for Lolli as Alibaba is the largest retailer and e-commerce company in the world, launching on Single’s Day, the world’s largest shopping day of the year.” The app works through a browser extension that notifies users when they’re browsing a partner’s online retail outlet. Lolli works with over 500 partners including big names such as Walmart, Groupon, Toms, Hilton, GAP, and The official website claims that they are ‘on a mission to spread bitcoin to billions of people all around the world with the click of a button.’ Records Smashed in Shopping Frenzy It is clear that Chinese and US-based platforms are trying to capitalize on one of the biggest shopping days in the year. According to CNBC Alibaba broke the Singles Day record with more than $38 billion in sales yesterday. At the end of the 24-hour event, the gross merchandise value stood at 268.4 billion yuan, just under a 26% rise from the figure posted last year. Alibaba offered huge discounts on its global outlets but naturally, shoppers in China were not entitled to earn any bitcoin, even though state media has been trying to educate them on it. Smartphones from Apple and Huawei were some of the top-selling items as online personalities took to the stage to tout their brands. There was a concern in China that sentiment for US brands may have fallen following the ongoing trade war but this was clearly not the case. Maybe free bitcoin for Chinese users would have resulted in an even larger profit margin for Alibaba. Did you go shopping on Singles Day? Add your comments below. Image via Shutterstock The post Chinese E-Commerce Giant Alibaba Offers Free Bitcoin to US Shoppers appeared first on

Singapore: MAS Partners JP Morgan to Develop Blockchain-Enabled Payments Network

Singapore’s financial regulator, the Monetary Authority of Singapore (MAS) has entered into a partnership with Wall Street titan JP Morgan Chase and Temasek to develop a distributed ledger technology-powered (DLT) multi-currency payments network. This, according to a report by Finance Magnets, November 11, 2019. Part of Project Ubin In a bid to propel the useRead MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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Omise To Offer PayNow Payment Options In Singapore; Faster And More Secure Transactions

Asia-focused Payment Gateway, Omise announced that it will be offering PayNow to customers in Singapore reports Finance Magnates. Customers, namely small and medium-sized e-commerce businesses can expect this addition to take place sometime next month. PayNow was created by DBS, Development Bank of Singapore. Their foundation involves leveraging digital technologies to ensure that customers are […]
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