“Given the volume of interest in Bakkt and work required to get all of the pieces in place,” CEO Kelly Loeffler announced, “we will now be targeting January 24, 2019 for our launch to ensure that our participants are ready to trade on Day 1. As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So it makes sense to adjust our timeline as we work with the industry toward launch.”
Bakkt Moves Launch Date to Late January Next Year
Bakkt is widely considered to be a major move from legacy finance into the cryptocurrency market, and the ecosystem has been abuzz since it announced potential entrance this year. It’s owned by Intercontinental Exchange (ICE), a US-based company that owns exchanges for financial and commodity markets, most famously the trillions of dollars in volume New York Stock Exchange (NYSE).
Assuring the broader investment community things are moving along as planned, Loeffler explained they’re onboarding customers and products per usual, and in terms of regulation compliance “we continue to work closely with the CFTC as they conduct their thorough review of the Bakkt™ Bitcoin Daily Futures contract and the Bakkt Warehouse. These products represent a critical shift in the evolution of crypto markets toward more accessible, useful, and regulated instruments.” She was sure also to toss-in Coinbase transplant Adam White’s name for good measure, lending to more crypto street cred.
It might be just a simple coincidence, but the crypto market has taken a terrible turn. In the last week, and even hours, it has plummeted beyond most analysts’ expectations. And the Wall Street gurus so famously pro-crypto, predicting five-figure prices by year’s end have gone into hiding. Perhaps a step back for Bakkt is the best course at this point in time.
As such, the CEO announced they “will now be targeting January 24, 2019 for our launch to ensure that our participants are ready to trade on Day 1.” To soften the push a bit, she offered being “pleased to announce that we have insurance for bitcoin in cold storage and are in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture.”
The rest of the post is in standard question and answer format on everything to why they’re beginning with Bitcoin Core (BTC) to even if they’re hiring, ending with the perfunctory thanks for “continued interest and feedback as we build out Bakkt. As we talk with those in this space, we are motivated by the opportunity to help shape the future of digital currency. We look forward to updating you on our progress in coming weeks.”
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