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ICE's forthcoming ecosystem for digital assets.

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Bakkt raises Series A at valuation topping $700 million

Bakkt, ICE’s yet-to-launch crypto exchange, is being valued at around $740 million following a recent Series A round of funding, sources close to the project tell The Block. The exchange raised $182.5 million in its initial round, for which it hoped to attract institutions. Its approximate $740 million post-money valuation means ICE may have sold up to 25% of shares to external investors like Galaxy, Pantera, Microsoft and Starbucks – the latter having contributed no capital in return. [related id="1"]Post-money valuation is a company's value after outside financing and/or capital injections are added to its balance sheet. In this instance, it also includes the equity allocated to Starbucks related to their partnership. Now, a key question is how investors will make their projected returns based on their $740 million post-Series A valuation given the current execution concerns and regulatory delays. Indeed, Bakkt’s proposed fee of $0.50 per contract is rather small, some equating it to less than 1 basis point. The next cheapest U.S. trading option is currently at 8 basis points. "From a cash-flow perspective, Bakkt will not be earning much based on their proposed contract fees, so they really need a lot of volume," said one source. As such, the source noted, execution post-launch will need to be near-flawless to cover its spending, particularly high in recruitment and following its first acquisition. “A lot of things will need to line up for investors to receive returns that they would typically expect for a Series A." Investor "get-out" clause and future valuations Crucially, if Bakkt cannot deliver on its plan to garner institutional adoption – or find other cash-flow sources – investors have equity redemption rights provided by ICE, according to their SEC filing. Page 60 notes "non-ICE partners in Bakkt hold a put option to require us to repurchase their interests subject to certain terms." Delays in execution may allow investors to realise this exit and trigger their put.  According to one source, such a valuation means Bakkt could feasibly increase its pre-money figure to $1 billion at its next raise. It could then sell a series of preferred shares at a reasonably similar price to the Series A without diluting itself much. However, investors will be looking at evidence Bakkt can match its share-price predictions. “If I was looking to buy a piece in the emergent regulated US digital assets derivatives game today, I would look at cheaper alternatives which are further ahead in execution," one investor said. "They’ve paid too much." Bakkt declined to comment.
The Block Crypto

Dan Berkovitz: CFTC Is Working Hard on the Bakkt Application

US Commodity Futures Trading Commission head Dan Berkovitz says the futures and options markets regulator is working hard on the Bakkt proposal. While he’s refused to provide an approval deadline, he did say that the agency is not anti-crypto or anti-blockchain. CFTC Trying To Understand Blockchain In a fireside chat with BLOCKTV, Berkovitz reassured the crypto community that the body is committed to freeing the market from fraud and manipulation rather than shooting down new technology. He states: The CFTC is pro-innovation. We do not have an anti-crypto or an anti-blockchain attitude. We are not out to get new technology. The post Dan Berkovitz: CFTC Is Working Hard on the Bakkt Application appeared first on CCN
CCN

Bitcoin Futures Platform’s Bakkt and ErisX are Both Racing Towards Bitcoin’s Future

The institutional investors of the cryptocurrency have been looking for options that can help them break into the market. With companies like Bakkt and ErisX jumping in to the market, these investors are finding options in bitcoin derivatives products. Even though the conversation on the institutionalization of cryptocurrency often comes back to these two companies, […]
Bitcoin Exchange Guide

Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

Coinspeaker Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data FeedIntercontinental Exchange (ICE), the parent company of Bakkt and NYSE, announced adding a host of digital currencies to its cryptocurrency data feed. ICE created the “Cryptocurrency Data Feed” in partnership with Blockstream to provide real-time and historical data of digital currency prices from all across the globe. Last week, ICE Data Services tweeted the complete list of the newly included cryptocurrencies.Full list of cryptocurrencies included in our Cryptocurrency Data Feed(this is going to take a few tweets):• Aelf• Ardor• Augur• Cardano• Basic Attention• Bitcoin• Bitcoin Cash ABC• Bitcoin Cash SV• Bitcoin Gold• BitShares• Bytom• CyberMiles— ICE Data Services (@ICEDataServices) March 14, 2019As per the list provided, ICE’s Data Services will track and research a total of 58 cryptocurrency projects along with 19 fiat currencies.List Includes Majority of the Top Twenty CryptocurrenciesIn all, there are a total of 2000 cryptocurrency projects in the market. Out of these ICE has selected less than 3% cryptocurrencies for research and tracking. The complete list of 58 tokens is available on the official website of ICE.The list includes 17 of the top-twenty most-valued digital currencies as per their market cap. This includes Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), Bitcoin Cash (BCH), EOS, Tron (TRX), IOTA (MIOTA). Ontology (ONT), Dash (DASH), Ethereum Classic (ETC), Cardano (ADA), Monero (XMR), NEM (NEM), Bitcoin SV (BSV).In addition to this, ICE has selected another 41 crypto projects which it considers valuable. The 41 projects include a mix of medium-cap coins and some less popular small-cap coins.Also, ICE’s list includes some of the most popular stablecoins. Four of these include Tether (USDT), Gemini Dollar (GUSD), USD Coin (USDC), and TUSD. Furthermore, all of these stablecoins are the most widely used in the crypto market with their value tied to the U.S. Dollar.ICE’s list also includes a few exchange-related tokens like the Huobi Token (HT). However, it doesn’t include the recently launched and ultra-popular cryptocurrency Binance Coin (BNC).ICE’s Launch of BakktThe inclusion of new 58 digital assets to ICE’s Crypto Data Feed services will certainly encourage institutional players to participate in the crypto market. With financial giants like ICE showing its interest in crypto assets, institutional players have a bigger incentive here.Not to forget, ICE is also planning for the launch of Bakkt digital assets, a crypto trading platform for institutional investors. Bakkt is assumed to be the catalyst to drive the next bull run of the crypto market. To ensure institutional participation, Bakkt also plans to launch Bitcoin Futures contracts ahead this year.Furthermore, Bakkt has also partnered with giants like Microsoft and Starbucks to support crypto adoption. The latter received a significant portion of equity in Bakkt in return for allowing customers to pay with digital assets. This comes as kind of surprise, as just recently Starbucks claimed that you won’t be able to buy Frappuccino using Bitcoin.Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed
Coinspeaker

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.
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Bakkt news by Finrazor

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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Tron Based ‘Stable Coin’ to Start Trading At Huobi and Okex Exchange

Okex and Huobi Global have added support for USD Tether pegged to the US Dollar built on Tron. Tron Foundation built the ‘stable coin’ collaboration with Tether. Currently, the two Exchanges support three stable coins markets USDT-Tron (TRC20), USDT-OMNI, USDT-ERC20 (Ethereum). The token will be launched on 30th April 2019 on the Okex and Huobi Global Exchanges. According to the press release by Okex: In order to meet users’ demand for stablecoin trading, OKEx will support USDT-TRON, the TRC-20 based USDT token co-developed by TRON and Tether, as well as the airdrop for USDT-TRON holders. …It has a TRON deposit address and uses the TRON network for depositing and withdrawal. Rewards for Early Adopters and Tron’s Growth The annual percentage return (APR) of the USDT-TRON token has been designed to give out rewards for its early adopters. The initial APR is 20% which will, however, reduce with time. Nevertheless, the program is supposed to roll out investments for a total of 100 days. The total amount of incentives will be $20 million. The incentives will be rewarded in USDT-TRON only. Justin Sun has implored the users of the Exchanges to adapt to swap from USDT-OMNI – USDT-TRON. #Hodl USDT-TRON to earn initial 20% APR in USDT-TRON. 100 day campaign. $20M initial budget no hard cap. Just sayin'. 😎 $TRX $BTT pic.twitter.com/jyo7QcrtbE — Justin Sun (@justinsuntron) March 21, 2019 The Stable coin will be available on major exchanges, and the reward programs are lucrative. Therefore, the number of transactions on the Tron Network would increase significantly. Tron has built a vibrant ecosystem for Dapps and issuing digital asset. The move will foster the growth of Tron. It will also help the exchanges take advantage of the transaction capabilities of Tron which is considerably cheaper than Ethereum currently. The returns proposed by ARP are highly lucrative. Will you swap your stable coins to earn the rewards?  The post Tron Based ‘Stable Coin’ to Start Trading At Huobi and Okex Exchange appeared first on Coingape.
CoinGape

Get EOS Airdrop Token Every Hour Is Now Possible on Infinito App Square with PRA CandyBox!

SINGAPORE, Mar 22, 2019 - (ACN Newswire) - Infinito Wallet's crucial partnership with global leading EOS block producers and block producer candidates comes along with valuable benefits for users. This March 13th, support for EOS DApps will officially be available on Infinito Wallet's newly launched App Square and the well-known EOS token distribution DApp - PRA CandyBox will be at Infinitors' service along with a great deal of airdrops everyday.Developed by ProChain based on the EOS main network, PRA CandyBox is the top 1 EOS DApp listed on DappRadar and the only airdrop-related dApp among the top 100 dApps as of 19 February 2019. With the join of this DApp, Infinito Wallet's users are now gifted with EOS candies everyday or even every hour. To be specific, the amount of EOS airdrops users can get daily varies in accordance with their account's level. To heighten level, wallet owners can deposit EPRA token - PRA CandyBox's proprietary token - into their account. This means the more EPRA token users deposit, the more EOS candies and the shorter duration for them. Level 1 accounts are those with less than 1,000 EPRAs, can repeatedly claim tokens every four hours. While top accounts like level 12 are rewarded with up to 12 airdrops every hour. Users can find this DApp inside Infinito App Square, displayed as "Browser" in the Universal Wallet. Convenience is one highlight of this EOS token distribution as PRA CandyBox keeps their airdrop "game" extremely simple. To receive candies, Infinito Wallet's users simply need to click on the airdrop project, input password and tap "confirm". That's it!*Please note that you must own an EOS account ...Full story available on Benzinga.com
Benzinga

Why Square’s Bitcoin Hiring Spree is Crucial for Crypto Adoption

Jack Dorsey, the CEO of Square, the $32.7 billion mobile payment giant based in the U.S., revealed that Square would fund three to four developers and a designer to work on the open-source protocol of Bitcoin and the crypto ecosystem. Independent of the core business strategies of Square, the team of developers and a designer will work to contribute to the cryptocurrency ecosystem in a variety of ways, potentially by contributing to the open-source codebase of the Bitcoin network. #BitcoinTwitter and #CryptoTwitter! Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the The post Why Square’s Bitcoin Hiring Spree is Crucial for Crypto Adoption appeared first on CCN
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Square is Hiring: You Can Be Paid in Bitcoin if You Want

Twitter and Square founder Jack Dorsey has always been bullish in his Bitcoin views. So it’s no surprise that his payments startup Square is now offering new employees the chance to be paid in Bitcoin. According to tweets from the CEO, the company is on the hunt for skilled labor to add to the team. Square Bitcoin Payments If Dorsey’s tweets are anything to go by, then the company is hiring engineers and a designer to “work full-time on open source contributions to the bitcoin/crypto ecosystem.”  The Square cash app already supports Bitcoin purchases ... ﾿ 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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