[2019-01-15]Bakkt Acquires Certain Assets Of Rosenthal Collins Group

[Alex077]

Bakkt Acquires Certain Assets Of Rosenthal Collins Group

The cryptocurrency platform Bakkt has acquired portion assets of the futures broker Rosenthal Collins Group (RCG).
Bakkt noted that in December RCG announced the sale of all user accounts to the largest stock exchange broker Marex Spectron. As part of this process, the upcoming crypto platform decided to “acquire some valuable assets.” Bakkt is confident that these assets will help the development of the company, and the staff of RCG will strengthen the team of the new platform.

“We expect the deal will be completed in February,” said Bakkt CEO Kelly Loeffler.

Also, the head of the new platform is confident that the new acquisition will improve risk management, financial management and compliance of Bakkt's activities with regulatory requirements, as well as increase the efficiency of AML/KYC procedures.

All this, I am convinced Leffler, will ultimately contribute to the mass adoption of digital assets, which will eventually become mainstream...https://en.bit.news/bakkt-acquires-certain-assets-rosenthal-collins-group/

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[Kakmakr]

Wow, Bakkt are going all in on this whole new venture, with no guarantee that the SEC would approve their Bitcoin ETF application. I hope they have alternative opportunities for these assets, if this application is denied too. CNN reported that the US government would only give closure on these applications in April 2019 now, so Bakkt are placed on hold again. 

It is very unfortunate that the US government <SEC> are dragging their feet on this issue, whilst companies like this are ready to run with innovation and the creation of new job opportunities. 

[Kemarit]

Wow, Bakkt are going all in on this whole new venture, with no guarantee that the SEC would approve their Bitcoin ETF application. I hope they have alternative opportunities for these assets, if this application is denied too. CNN reported that the US government would only give closure on these applications in April 2019 now, so Bakkt are placed on hold again. 

Or maybe they're sending signals that the company is ready or Bakkt is perhaps anticipating the approval coming from CFTC. So if everything goes in their way, they are all set and ready to serve its customers. But then again, we really don't know what's the final decision, it might get delayed again. So its better for us to prepared for the worse situation and not fully rely on something we can't control at this point.

[BitHodler]

Or maybe they're sending signals that the company is ready or Bakkt is perhaps anticipating the approval coming from CFTC. So if everything goes in their way, they are all set and ready to serve its customers. But then again, we really don't know what's the final decision, it might get delayed again. So its better for us to prepared for the worse situation and not fully rely on something we can't control at this point.

I don't think that Bakkt will be approved as it is (hope that I am wrong though). It will require them to ditch their Bitcoin backed futures and have them offer strictly cash settled futures. It stinks in every possible way.

One of the most reputable entities in the game can't get a simple platform approved, that should be a clear enough indication that the US doesn't want these big boys to offer you Bitcoin backed products. No way to get around it.

All they want is the market to be saturated with cash settled products to take away a large portion of the spot demand, and when you take into consideration that institutions and whatnot just want exposure, they won't care much.

[buwaytress]

Wow, Bakkt are going all in on this whole new venture, with no guarantee that the SEC would approve their Bitcoin ETF application. I hope they have alternative opportunities for these assets, if this application is denied too. CNN reported that the US government would only give closure on these applications in April 2019 now, so Bakkt are placed on hold again. 

Or maybe they're sending signals that the company is ready or Bakkt is perhaps anticipating the approval coming from CFTC. So if everything goes in their way, they are all set and ready to serve its customers. But then again, we really don't know what's the final decision, it might get delayed again. So its better for us to prepared for the worse situation and not fully rely on something we can't control at this point.

I think they're doing this as a "win-win-win" approach, regardless of the Bakkt approval outcome.

1. The new resources could help tick further boxes to push approval.
2. If approved, Bakkt will already have a team working on paperwork and hit the ground running.
3. If not approved, other platforms will, or other jurisdictions will, maybe even far beyond US shores. Bakkt can diversify and offer their own compliance advisory instead, plus will have insider information to help other applications.

[btyco]

Bakkt has a better chance of getting approval than the etf applications. If they don't succeed then we can always trade in belarus which has tokenised the stocks

[squatter]

I don't think that Bakkt will be approved as it is (hope that I am wrong though). It will require them to ditch their Bitcoin backed futures and have them offer strictly cash settled futures. It stinks in every possible way.

What makes you say that? The CFTC approved LedgerX's physically settled markets in 2017. That those markets have been live and running smoothly for 1.5 years now only makes approval of Bakkt more likely.

People are talking about Bakkt like it's an ETF, but I don't see any indication that commodity futures markets are so difficult to launch. The recent delays probably have more to do with the US government shutdown than anything else. The entire process has grinded to a halt.

[1Referee]

One of the most reputable entities in the game can't get a simple platform approved, that should be a clear enough indication that the US doesn't want these big boys to offer you Bitcoin backed products. No way to get around it.

I think that it isn't a matter of Bakkt not being able to get their platform approved, but more so that they are toying around with everyone by coming up with launch dates that don't make any sense. You can't say that you will launch this or next month when the possibility is there that the CFTC might need like 6 more months to properly look into it to make a decision.

Bakkt makes people have false hopes, so it's better to blame them rather than the CFTC. The only thing they do by throwing around with launch dates is hope that the CFTC approves them before that, which clearly isn't happening.

[BitHodler]

What makes you say that? The CFTC approved LedgerX's physically settled markets in 2017. That those markets have been live and running smoothly for 1.5 years now only makes approval of Bakkt more likely.

People are talking about Bakkt like it's an ETF, but I don't see any indication that commodity futures markets are so difficult to launch. The recent delays probably have more to do with the US government shutdown than anything else. The entire process has grinded to a halt.

LedgerX has little mass appeal, while Bakkt has so much more to offer, and at the same time is planning to build further on Bitcoin to expand that what governments don't want to see gain ground.

I don't think that many of you guys take it serious enough. The US doesn't want to pump your bags, it wants more cash settled products to have big money buy into that instead of the asset itself.

I think that it isn't a matter of Bakkt not being able to get their platform approved, but more so that they are toying around with everyone by coming up with launch dates that don't make any sense. You can't say that you will launch this or next month when the possibility is there that the CFTC might need like 6 more months to properly look into it to make a decision.

Bakkt makes people have false hopes, so it's better to blame them rather than the CFTC. The only thing they do by throwing around with launch dates is hope that the CFTC approves them before that, which clearly isn't happening.

There definitely is a degree of truth in that, but still, this doesn't change much to what I said above. I am open to be proven wrong, but that only happens when the CFTC ends up approving Bakkt.

[1Referee]

I don't think that many of you guys take it serious enough. The US doesn't want to pump your bags, it wants more cash settled products to have big money buy into that instead of the asset itself.

If that's the case, why didn't they let the cash settled ETF's go through? That would be the perfect opportunity for the SEC to show their 'true nature' if we follow your logic. Every ETF proposal (backed and not backed) was wiped off the table, and I expect the SEC to continue doing so. Historically, it has been a very time consuming process to have the SEC approve an ETF, which I think people overlook.

I think that we'll see a Bitcoin backed ETF eventually, but for that to happen the US wants to see most of the volumes being generated on regulated exchanges, and preferrably exchanges operating within the US. It would definitely help if we see Bakkt and Nasdaq's futures be approved this year, so the odds are ruling in favor of Bitcoin as time goes by. Patience is key here.

People continuously blame regulators for not understanding the market, well, allow them as much time as they need to understand it better. Why would they approve something they don't understand?

[squatter]

What makes you say that? The CFTC approved LedgerX's physically settled markets in 2017. That those markets have been live and running smoothly for 1.5 years now only makes approval of Bakkt more likely.

People are talking about Bakkt like it's an ETF, but I don't see any indication that commodity futures markets are so difficult to launch. The recent delays probably have more to do with the US government shutdown than anything else. The entire process has grinded to a halt.

LedgerX has little mass appeal, while Bakkt has so much more to offer, and at the same time is planning to build further on Bitcoin to expand that what governments don't want to see gain ground.

What are you talking about, specifically? Why do you think Bakkt has so much more appeal?

LedgerX has daily physical settlement, options and swaps, volatility and other derivative contracts and they're coming out with Ethereum derivatives as well. What is so groundbreaking about Bakkt?

I don't think that many of you guys take it serious enough. The US doesn't want to pump your bags, it wants more cash settled products to have big money buy into that instead of the asset itself.

Who's expecting the US to pump anyone's bags? I've actually seen convincing arguments that deep physically-settled futures markets are likely to keep prices down.

I also just think the LedgerX case contradicts what you're saying. When LedgerX launched, people thought it was going to be huge too, the way people view the SolidX ETF today. The truth is, there wasn't much institutional interest. The same could easily happen with Bakkt.

[posi]

Bakkt Acquires Certain Assets Of Rosenthal Collins Group

The cryptocurrency platform Bakkt has acquired portion assets of the futures broker Rosenthal Collins Group (RCG).
Bakkt noted that in December RCG announced the sale of all user accounts to the largest stock exchange broker Marex Spectron. As part of this process, the upcoming crypto platform decided to “acquire some valuable assets.” Bakkt is confident that these assets will help the development of the company, and the staff of RCG will strengthen the team of the new platform.

“We expect the deal will be completed in February,” said Bakkt CEO Kelly Loeffler.

Also, the head of the new platform is confident that the new acquisition will improve risk management, financial management and compliance of Bakkt's activities with regulatory requirements, as well as increase the efficiency of AML/KYC procedures.

All this, I am convinced Leffler, will ultimately contribute to the mass adoption of digital assets, which will eventually become mainstream...https://en.bit.news/bakkt-acquires-certain-assets-rosenthal-collins-group/

I agree and support the decision make by the Bakkt CEO since the company in subject (Rosenthal Collins Group) seems to be having some back door problem and the only Bakkt could secure the investors interest is to ask them portion assets. However, if could remember this was the same strategy played by the Central Bank of some countries Africa (Nigeria etc) to secure the investors fund.