Bakkt, which was delayed again, turns out to be such a diligent exchange | free joining bonus no deposit casino, used craps table, habib zaidan yahya anak siapa

According to CoinDesk, the high-profile Bakkt may be postponed again.

The basis for this is that in December 2018, CFTC members received a proposal for exemption submitted by Bakkt. Now, it is mid-March 2019, and the CFTC has still not announced the exemption request submitted by Bakkt.

Judging from the time required for the process, even if the CFTC announces the exemption request immediately, members must give the public 30 days to weigh in, then spend a few more days reading comments, and finally vote on whether to approve the plan.

After all this back and forth, Bakkt will not be launched until mid-April at the earliest.

The bumpy road to launch

Bakkt (pronounced as "backed", meaning asset-backed securities) is a digital asset platform created by Intercontinental Exchange ICE. Its co-developers include large companies such as Microsoft, Starbucks, and Boston Information.

In August 2018, ICE announced the launch of a digital asset platform for the first time and claimed that Bakkt would be launched in November 2018, but the specific time has not yet been determined.

At the end of October 2018, ICE announced again that its cryptocurrency trading platform Bakkt would officially launch physically settled Bitcoin futures on December 12.

As the saying goes, leaning against a big tree is the best way to enjoy the shade. At that time, the emergence of Bakkt was big news.

On the one hand, it is due to the collective support of all Wall Street "big bosses", on the other hand, people also look forward to using Bakkt's funds and influence to reverse the long-lasting bear market. Therefore, at that time, many people regarded Bakkt as a life-saving straw.

However, things backfired.

On November 20, 2018, Bakkt announced on Twitter: "Given the market interest in Bakkt, and the work required to get all the pieces in place, we are now targeting a sale of January 24, 2019 to ensure our participants can trade on day one."

This can be regarded as Bakkt’s first delay.

At the time, Bakkt CEO Kelly Loeffler further explained the delay.

She said, "As is often the case with product launches, there are new processes, risks and mitigations that need to be tested repeatedly, and in this case with cryptocurrencies, those resources are being applied to a new asset class. Therefore, it makes sense to adjust our timeline."

It would be understandable if it takes longer to launch a more complete Bakkt to the public. However, next, perhaps due to luck, Bakkt encountered force majeure factors again.

On January 1, the first day of 2019, ICE posted a notice on its website explaining that Bakkt’s January 24 release date, mentioned earlier, would have to be modified based on the CFTC’s process and schedule, adding that they would provide an updated release schedule in early 2019.

The reason for this postponement started on December 22, 2018.At that time, due to the debate over whether to build a border wall, the U.S. government began to shut down, and this shutdown lasted for a record five weeks. During this process, the CFTC, which was responsible for the launch of Bakkt, was no longer working, leading to the delay of Bakkt.

Not only that, after the shutdown ended, the reactivated CFTC has already had a backlog of work for more than a month, and cryptocurrency-related work has also been placed in a less conspicuous position.

Previously, some media said that the restart of the US CFTC’s business does not mean that Bakkt will be approved soon. There is no deadline for the CFTC’s review of Bakkt, so Bakkt’s application may not be prioritized during the limited period of three weeks. Only when the expectation of closure disappears again will Bakkt’s review be truly put on the agenda.

After the shutdown storm passed, on February 6, the cryptocurrency field media Abacus Journal reported again that according to people familiar with the matter (an early investor in Bakkt), Bakkt, a digital asset platform owned by the New York Stock Exchange parent company Intercontinental Exchange (ICE), will obtain approval for listing Bitcoin futures in March and will launch this product within a few days after approval.

The insider also said, “All signs indicate that mid-March this year will be the CFTC’s final approval period.”

Now, it is already mid-March. Not only has it not been launched, but there may be news that it will be further delayed.

Not standing still

Currently, negotiations between Bakkt and the CFTC are continuing. However, it is undoubtedly a big mistake to look at Bakkt purely from the perspective of “whether it can be launched online”.

In fact, apart from the bumpy road to launch, Bakkt’s other basic routes are still progressing in an orderly manner.

On December 31, 2018, Bakkt announced the completion of its first round of financing, raising a total of US$182.5 million from 12 investment partners including Microsoft Venture Capital and Naspers (the South African media giant that is Tencent’s largest shareholder).

Then, on January 15, Bakkt announced that it would acquire the assets of the century-old futures brokerage company Rosenthal Collins Group.

It is understood that Rosenthal Collins’ main business is to manage commodity accounts for investors and institutions by moving funds through bank-owned clearing houses, processing collateral, and guiding transactions with minimal risk of default.

In this regard, Bakkt CEO Kelly Loeffler emphasized that Bakkt will use Rosenthal Collins’ expertise in a new field to support its vision of simplifying payments between customers and merchants.

On January 24, the day it postponed its original launch, Bakkt announced its contract details. Although this is meant to appease market sentiment, it also shows that Bakkt’s contract mechanism has become more complete.

Based on the above information, it is not difficult to find that although Bakkt has not yet been launched, this does not hinder its layout in various aspects such as financing, investment, improving its own business, and expanding the payment field, which has paved the way for its subsequent launch.

In a statement in January, Bakkt CEO Kelly LoeflerSaid, "The acquisition highlights the fact that while we await CFTC approval to launch regulated trading in our crypto markets, we are not standing still."

"Moon landing bet" and new developments

On February 8, ICE held its fourth quarter financial report meeting. When discussing the development of the Bakkt platform at the meeting, Chief Financial Officer Scott Hill said that based on the operating rate in the first quarter of 2019, US$20 million to US$25 million will be invested in Bakkt. Calling Bakkt a real investment, it is more about future revenue and market opportunities. ICE sees the future, not just 2019 revenue.

Not only that, Jeff Sprecher, chairman of Intercontinental Exchange, also described Bakkt as ICE's "moon landing bet." He said, "This is a bit like a desperate move, and the way it is organized is very different from the way Intercontinental Exchange usually operates business. Bakkt is a unique structure for ICE. In fact, it is an independent company with an independent name, management team and independent capital."

It can be seen that even for ICE, the launch of Bakkt is a big deal, and its "care" and expectations for Bakkt are far greater than others.

On March 15, ICE officially announced the establishment of a "Cryptocurrency Database" and included 58 cryptocurrencies as data streams, including BTC, ETH, EOS, and HT.

This move is also ICE’s hope to improve market transparency and lay the foundation for Bakkt by providing more cryptocurrency data information.

Previously, at the launch of the “Cryptocurrency Database”, Bakkt Chief Operating Officer Kelly Loefler said that the main advantage of Bakkt and ICE is that ICE takes opaque commodities and items and creates regulatory transparency. It did it with energy and credit, and now it plans to do it with crypto. What many people don’t realize is that most regulation relies on partnerships

Not only that, the reporter also found that Bakkt has been recruiting since the beginning of this spring. Coupled with the acquisition of some established companies in professional fields, it can be seen that Bakkt not only wants to be bigger, but also needs to be refined. Its ambition is evident.

For the cryptocurrency market, delaying appointments seems to have become commonplace, so much so that now faced with the news that Bakkt has been postponed again, the market is disgusted and does not fluctuate much.

However, as long as you work hard, I believe there will be rewards.

(Source: Blockchain New Finance)