The entire cryptocurrency space has been optimistic about institutional investors stepping into the cryptocurrency market ever since NYSE’s parent company, Intercontinental Exchange [ICE], announced the launch of Bakkt. Additionally, the platform also announced that Bakkt would be offering physically delivered Bitcoin futures to its customers. However, this has been on a standstill for the past few months as regulatory bodies are yet to give a green signal to the platform.
On 30 March 2019, Kelly Loeffler, the CEO of Bakkt, released the platform’s progress report, which also introduced its board members on the official Medium blog. She said,
“With ongoing reports of crypto market manipulation and security concerns, the need for the solutions we’re building at Bakkt is more critical than ever. It illustrates why regulated custody and market-based solutions for digital assets are at the core of our work to address risks that have discouraged many from interacting with digital assets.”
Further, Loeffler stated that Bakkt was “charting a new course”, one that would “require significant work”. She further revealed the Board members, with the chair being Tom Noonan [a cyber expert and founder of Internet Security Systems, JouleX and Endgame].
Additionally, the Founder and Chairman of ICE, and Chairman of the NYSE, Jeff Sprecher, will also be one of the members along with Akshay Naheta, Managing Partner at Softbank, and Sean Collins, Managing Partner at Goldfinch Partners.
This was followed by the CEO giving an update on the regulatory stance with respect to physically delivered Bitcoins. She said,
“Over the last year, we’ve worked closely with the Commodity Futures Trading Commission (CFTC) on an extensive process to obtain regulatory approval for the launch of our physically delivered bitcoin futures.”
She concluded by saying that although Bakkt hadn’t been able to decide on the launch date, progress was being made. Kelly Loeffler said,
“While we’re not yet able to provide a launch date, we’re making solid progress in bringing the first physical delivery price discovery contracts for bitcoin to the U.S., where price formation will occur in federally regulated, transparent markets.”
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