Business

Erik Gibbs

Bakkt may be moving forward, announces hiring spree

The crypto trading platform Bakkt has already been forced to delay its launch because the U.S. Commodity Futures Trading Commission (CFTC) hasn’t found time to approve its application to act as a custodial solution. Initially expected to be introduced in November before a delay to December, the launch was then pushed back to January 24, but that date will also pass by with no resolution. However, Bakkt, which is being developed by New York Stock Exchange owner Intercontinental Exchange (ICE), is keeping the wheels greased as it prepares for its eventual introduction. and has now announced that it is looking for a few dedicated employees. 

In a Twitter post from yesterday, the company stated “We’re hiring” and included a link to the Careers section of its website. That section indicates that there are currently eight high-level positions needing to be filled at the company. Among these are Director of Security Engineering, Mobile Developer, Director of Finance and Institutional Sales. 

The positions will be based in various locations in the U.S. and abroad. Most notably, New York and Atlanta are primary locations, but others, such as Tokyo, Hong Kong, Israel and Singapore, are also available. 

At the end of last month, ICE stated that it hopes to provide “an updated launch timeline in early 2019 for the trading, clearing and warehousing” of its Bitcoin Core (BTC) Daily Futures Contracts. At the same time, the company also announced that it had received $182.5 million from 12 partners and investors for its initial funding round

In order for Bakkt to operate legally, the CFTC must sign off on its request to serve as an asset custodian. To do this, the commission must first open an obligatory 30-day public comment period for feedback, and then evaluate the feedback before moving forward with its decision. Although the CFTC has had several months to launch the comment period, it still, for some unknown reason, has not.

Many have been anticipating the platform’s opening since it was first announced in the summer of last year. Since it will be introduced by an established traditional trading firm, it is seen as a possible catalyst for substantial price gains for most cryptocurrencies. Last November, Galaxy Digital founder Mike Novogratz alluded to Bakkt’s ability to cause prices to “flip” this year, reversing the extended bear market seen throughout all of 2018. 

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

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