Business

Rebecca Asseh

Bakkt’s crypto platform to set new standards for market, CEO says

Kelly Loeffler, chief executive of Bakkt exchange, has released more information on its forthcoming cryptocurrency trading platform.

Bakkt is a joint project between International Exchange (ICE), which operates the New York Stock Exchange, and several big name companies including Starbucks, BCG and Microsoft. The Bakkt exchange aims to be a “global platform and ecosystem for digital assets.” The platform is scheduled to launch in November, pending the approval of the U.S. Commodities and Futures Trading Commission (CFTC).

In a Medium post, Loeffler explained that the Bakkt exchange will blaze the trail for new types of crypto exchanges, saying the platform will have “a consistent regulatory framework… transparent, efficient price discovery… and an institutional quality pre- and post-trade infrastructure.”

The provision of a “trusted price formation” is the main thrust of Bakkt’s strategy. This is why the exchange will be only offering fully collateralized and pre-funded Bitcoin sales.

“As such, our new daily Bitcoin contract will not be trade on margin, use leverage or serve to create a paper claim in a real asset,” Loeffler wrote. “This supports market integrity and differentiates our effort from existing futures and crypto exchanges which allow for margin, leverage and cash settlement.”

In a period of dwindling market and unpredictable fall in cryptocurrencies, this is good news to the crypto community. On the issue of the market downturn, Loeffler said: “At the same time, there are numerous reports that venture investing, initial coin offerings, and corporate R&D related to blockchain and digital assets are all on track to surpass 2017 levels. With the potential for efficiency and innovation, the focus on new applications and infrastructure indicates a strong appetite for this market and technology.”

Several weeks ago, Starbucks confirmed that the Bakkt exchange would offer physically delivered BTC futures when it’s regulated, saying, “As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearing house plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval.”

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