[2019-04-13]Bakkt Says ‘Race Day’ Is Approaching to Bring Crypto to Mainstream

[cybersofts]

Bakkt, the upcoming Bitcoin futures exchange from Intercontinental Exchange, the parent company of the New York Stock Exchange, has hinted at a new release day.

In an announcement on Medium, CEO Kelly Loeffler says that “race day” is approaching as the startup awaits regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC).

“As we work through regulatory approvals, we are mindful that the infrastructure we are building has the potential to create more opportunities for digital assets to grow in relevance and trust — by being more secure, investible and useful.

As a former marathoner, this point in time recalls the stage in the training regimen when you’re putting in long runs with your training team. Race day is approaching, and there is more work to be done. I’m proud to be going the distance with this growing team and of the culture we are building, while bringing digital assets into the mainstream economy.”

Appearing on BlockTV, CFTC Commissioner Dan Berkovitz says he and his team are working very hard on all of the applications they’re reviewing, including Bakkt. Despite several delays of Bakkt’s application, the Commission is pro-crypto and pro-innovation, and the regulatory rigor, he explains, is about “getting the bad guys.”

“We think that these technologies may take some time to develop. In the short term, there may be uses for cryptocurrency. In the longer term, blockchain – I think we’re looking at a process of several years.”

Bakkt has just expanded its team with new hire Mike Blandina. A former Silicon Valley software engineer, Blandina joins Bakkt as the company’s chief product officer.

Blandina’s primary focus will be to develop use cases for Bitcoin and cryptocurrencies in the real word. As a digital payments specialist, Blandina served as head of payments and credit engineering at PayPal and director of engineering for Google Wallet at Google.


Reference: https://dailyhodl.com/2019/04/11/bakkt-says-race-day-is-approaching-to-bring-crypto-to-the-mainstream/

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[Kakmakr]

Mike Blandina's mandate to develop use cases for Bitcoin and Crypto currencies are definitely a step in the right direction to increase Bitcoin adoption and to take this mainstream. A coin can only be successful if there are reasons for people to buy it, so creating useful use cases are key to Bitcoin's success in the future.

I have to admit that I cannot wait to see how this whole Bakkt thing is going to catapult the whole Crypto industry into a whole new league. The big boys will definitely bring a whole new spin on the investment strategies and also on the volatility of the market. 

[elda34b]

'Race day' belongs to the same groups as 'very soon', 'soon', 'really soon' so I don't expect anything. Essentially, it's still unclear whether they'll get regulatory approval in due time or not. So don't have too much hope (don't expect it is probably better).

The big boys will definitely bring a whole new spin on the investment strategies and also on the volatility of the market. 

That or market sentiment will turn to be really bullish and then the average joe would start buying like crazy. essentially becoming the fuel for the next bull run. I believe big players already got their bitcoins and just waiting for the correct moment to start dumping again.

[NeuroticFish]

Like any business, Bakkt announces ... well, nothing ... just to make sure people don't forget they may have some plans and may do something.
It's just to rise awareness/expectations, nothing else. On the other hand, if they'd hint something more clearly and not met the "deadline", we'd see another short pump and dump, which would not be great.

[Obao6]

Hints, that is all it is.
The only thing they are good at is making announcements, nothing concrete yet.
Justin Sun should be the CEO of that thing.

[vit05]

"Blandina’s primary focus will be to develop use cases for Bitcoin and cryptocurrencies in the real word. As a digital payments specialist, Blandina served as head of payments and credit engineering at PayPal and director of engineering for Google Wallet at Google."

That completely changes my perspective on Bakkt. They are investing in hiring people with a high degree of knowledge about creating technology products. It seems to me that they have a much greater perspective on the future of Bitcoin. Not just another speculative product. But something that will be used.

[ranman09]

"Blandina’s primary focus will be to develop use cases for Bitcoin and cryptocurrencies in the real word. As a digital payments specialist, Blandina served as head of payments and credit engineering at PayPal and director of engineering for Google Wallet at Google."

That completely changes my perspective on Bakkt. They are investing in hiring people with a high degree of knowledge about creating technology products. It seems to me that they have a much greater perspective on the future of Bitcoin. Not just another speculative product. But something that will be used.

I agree. I think this can also help bitcoin to gain popularity. Use cases will make it easier for Bakkt to market it and of course other cryptocurrecncies as well. This will also open more opportunity for the blockchain technology.

[shamc]

This Blanding dude has a very impressive résumé. Paypal and google wallet means he knows a lot about online payments. Good to see bakkt moving forwards, hopefully we'll get a release day soon

[okala]

We are tired of the wait and the language soon, soon soon has become a daily sermon in our ear's, the are well informed about online payment system because they have always being involve in different payment system such as credit card and PayPal, so why the delay in the approval of the SEC.

[gentlemand]

so why the delay in the approval of the SEC.

CTFC, not SEC I believe. There was the government shut down which will have created a giant backlog. And my sneaking feeling is that Bakkt is not ready anyway. There's a fair bit of recruitment talk. Very little about actually how they're going to operate.

[figmentofmyass]

so why the delay in the approval of the SEC.

CTFC, not SEC I believe. There was the government shut down which will have created a giant backlog. And my sneaking feeling is that Bakkt is not ready anyway. There's a fair bit of recruitment talk. Very little about actually how they're going to operate.

why did they hype up their launch for last november though? did they just misgauge things that badly and were completely unprepared? i assumed the government shut down delayed things but that excuse is starting to wear thin.

[pixie85]

why did they hype up their launch for last november though? did they just misgauge things that badly and were completely unprepared? i assumed the government shut down delayed things but that excuse is starting to wear thin.

That's what I don't get about BKKT. Weren't they hyping the launch for more than a year now?

This is what they were pushing into the media outlets in May of 2018:

In August 2018, Bakkt’s parent company Intercontinental Exchange released a statement announcing its intention to use Microsoft’s cloud service Azure to “create an open and regulated, global ecosystem for digital assets.”

This new company, dubbed Bakkt, would start right off the bat with the inclusion of federally regulated markets and auxiliary services, like warehousing. It would even feature Bitcoin to fiat conversions, a feature that is rare on cryptocurrency exchanges and one of the major differentiators between market-movers and also-rans. In total, Bakkt expects to serve a digital marketplace that moves $270 billion per year.

They were making people think that it's coming soon and is inevitable and a year later we are still waiting.

If they take any more time and finally launch people will ignore the launch thinking it's another fake news.

[BitHodler]

We are tired of the wait and the language soon, soon soon has become a daily sermon in our ear's, the are well informed about online payment system because they have always being involve in different payment system such as credit card and PayPal, so why the delay in the approval of the SEC.

It's so funny how people continue to have faith in Bakkt while it's clear that there isn't anything that will grant them an approval based on what their current proposal is about, and the same applies to Nasdaq and their Bitcoin backed futures.

LedgerX is waiting for approval on Bitcoin backed futures too, so it's going to be interesting to see if they can pocket an approval. It would turn Bakkt into a meme if so, and it loses its precious (potentially) first mover advantage.

My advice is to no longer wait for Bakkt to be approved--the less people care about something that has very slim chances of being approved, the less disappointment there will be when they once again come up with a new launch date.

[gentlemand]

LedgerX is waiting for approval on Bitcoin backed futures too, so it's going to be interesting to see if they can pocket an approval. It would turn Bakkt into a meme if so, and it loses its precious (potentially) first mover advantage.

Interesting. I thought LedgerX had been long approved for that. If that means CTFC approval sets a precedent then it's going to be more of a grind than I thought for whoever manages it.

why did they hype up their launch for last november though? did they just misgauge things that badly and were completely unprepared? i assumed the government shut down delayed things but that excuse is starting to wear thin.

Perhaps they were expecting things to fall into place and subsequently figured out there was rather more to it. It certainly wouldn't be the first time something like that happened. In those circumstances they usually carry on keeping the excitement up rather than throwing up their hands and going quiet.

[Kemarit]

Like any business, Bakkt announces ... well, nothing ... just to make sure people don't forget they may have some plans and may do something.
It's just to rise awareness/expectations, nothing else. On the other hand, if they'd hint something more clearly and not met the "deadline", we'd see another short pump and dump, which would not be great.

They have been working a lot in the background so I'm sure they wanted people to be aware of. They have raised so much money already that they need to hype it again so that we won't forgot them and of course those who have invested will have something to cheer about seeing the people they getting involved with their project. Sadly though, the decision is not within our control, all their hardwork will be thrown out of the window and they're going to be back to square one if CFTC say's "No'.

[Slow death]

Bakkt, the upcoming Bitcoin futures exchange from Intercontinental Exchange, the parent company of the New York Stock Exchange, has hinted at a new release day.

they have no idea about the month they can start operating, it shows that they have a chance of spending this year and they do not get a license to operate or it can end all next year without their having obtained the license. I would advise them not to hire people when they are not yet licensed, their focus should be on licensing and after they have the license they can be hiring people. Do not they have some counselor to tell them that?

[gentlemand]

they have no idea about the month they can start operating, it shows that they have a chance of spending this year and they do not get a license to operate or it can end all next year without their having obtained the license. I would advise them not to hire people when they are not yet licensed, their focus should be on licensing and after they have the license they can be hiring people. Do not they have some counselor to tell them that?

https://www.bloomberg.com/news/articles/2019-04-18/bitcoin-going-mainstream-might-hinge-on-new-york-crypto-license

This article certainly points towards licensing being the prime hold up and after all this time it seems pretty weird that only now are they looking into finding alternatives.

If they're starting from scratch they could be looking at a long arse process.

[figmentofmyass]

they have no idea about the month they can start operating, it shows that they have a chance of spending this year and they do not get a license to operate or it can end all next year without their having obtained the license. I would advise them not to hire people when they are not yet licensed, their focus should be on licensing and after they have the license they can be hiring people. Do not they have some counselor to tell them that?

https://www.bloomberg.com/news/articles/2019-04-18/bitcoin-going-mainstream-might-hinge-on-new-york-crypto-license

this seems contrived. so bakkt is trying to get a bank/trust license and hold custody of all coins themselves. they still need the CFTC's permission. i'm curious why a state banking license would sway the CFTC......unfortunately the CFTC declined to comment on that.

the NYDFS has granted bitlicenses to several companies who custody coins but it seems like they're seeking out a different sort of license entirely. it's a weird scheme.

at least they've stopped giving launch dates. that's a dose of realism.