Bakkt Platform Delays Till January 2019
According to a blog post published recently intercontinental exchange announce Bakkt would launch on Jan 24, 2019. The post further reveals that both trading and warehouse operations expect to commence on the same date.
Bakkt justified the postponement as a way of providing more time for its customers and clearing members’ onboarding. The company would fully commence cryptocurrency trading and warehousing of the new contract immediately after launching.
Bakkt CEO Kelly Loeffler revealed in a Medium post saying the amount of work remaining justifies the delay. She added that there is a lot of public interest in the company thence the need of more time to get all the work done correctly.
“As is often true with product launches, there are new processes, risks and mitigants to test and re-test. Also, 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.” Said Bakkt CEO Kelly Loeffler.
The launch date shifts the previous date of December 12, 2018. However, the new set date is still subject to regulatory approval in case Bakkt has yet received an official approval. Previously the company said it would launch physically-settle bitcoin futures. This implied that clients would receive bitcoin after their contracts expire rather than the token’s cash equivalent.
Bakkt Platform May offer more than just Bitcoin Futures
According to a recent revelation from Bakkt CEO Kelly Loeffler, the company may offer more than just bitcoin futures. Loeffler said the company is taking opportunities in the startup period to expand its offerings.
“We’ll share more about some of these new features in the coming weeks but as a start, I’m 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,” she said.
She continues saying that her company focuses on building an institutional grade cryptocurrency warehouse. She added that the company believes that would be a significant step in building confidence in the asset class. Partners Bakkt is allegedly working with to develop the product includes big names such as with BCG, Microsoft, and Starbucks. The companies supposedly provide assistance in both customer experience and risk management.
Meanwhile, many cryptocurrency enthusiast and experts think this delay could be an intent to manipulate Bitcoin Price. Many people within the crypto community are very excited about the Bakkt Bitcoin futures. This move might allow institutional usage of Bitcoin and perhaps stabilize the cryptocurrencies price.
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