What’s going on with Bakkt?
It’s hard to find positive and encouraging longterm discussion in the general crypto scene at the moment. It’s all very gloomy and frustrating. Some crypto or TA expert might at this point show you an image like this one below, trying to decipher the mood of us all.
So many people right now in the crypto scene is clinging on to the hope that all that we need is some kind of trigger. An ignition in the form of an event or an actor that could come in and completely turn around this bear market to something (more) positive. And the strongest contender to fill that role has been Bakkt. The parent company behind Bakkt is the Intercontinental Exchange. Which is an American company that runs regulated financial and commodities exchanges. Where vast amount of trading of stocks and bonds and commodities like oil, natural gas, jet fuel, emissions, energy, and futures takes place daily on al their exchanges. In short lots and lots of money is being moved from varied parties.
And now they are planning to open up a new regulated exchange and platform for cryptocurrencies or digital assets, with the backing and interest of the big investment companies and market players. I.e. the institutional investors, with huge wallets and bonuses to spread around new and exciting opportunities, like Dogecoin and co… Well in the future perhaps, to start with it’s good old Bitcoin.
Bakkt is not stopping
They have recently released a few big announcements such as:
- They’re hiring 8 new people. From Director of Security Engineering to Director of Finance and several developers (maybe one of these new hires will be yoU? (Find job ads here at LinkedIn)
- Bakkt recently acquired futures commissions merchant Rosenthal Collins Group. This acquisition is integral for Bakkt to get their service onto market much faster. As it gives them new and necessary staff hires, back office operations, compliance and treasury services
- The 1st round of funding and new capital influx of $182.5 million from 12 partners. You can find the full list of investors in the Medium post. But this a huge amount of capital raised that should get them up and running and then some.
No launch date in sight
Bakkt has been delayed from a planned launch in November, to now an unknown date in sight when we’re nearing February of 2019. There are good reason with the American government in shutdown as a big obstacle. Bakkt needs the Commodity Futures Trading Commission (CTFC) approval to start its operations. This approval won’t take place until the CTFC is reopened. So Bakkt has publicly taken this time to better prepare themselves and their offering. But seeing that some key hires are taking place right now, leaves us thinking that delays could have happened exclusively from this US shutdown.
Many people believes that Bakkt’s approval and following launch might leave the door slightly more open for a Bitcoin ETF in the US. Which is probably a fair bet. And we believe 2019 should be the year when Bitcoin and crypto gets some long awaited (?) regulations, and ambitious crypto projects goes live on a global and mass use level.