Dec 26th, 2018
Hello everyone welcome to another crypto wealth edition of the liberty advisor podcast
We’ve got a great show lined up today talking about.
Today we are talking about BAKKT Global network that is designed to enable you to buy store sell and spend digital assets and this has had a pretty sustained buzz within the crypto community.
Today we are joined by Caliph Herald AKA Crypto Caliph and editor of the blockchain authority. Org
What is Bakkt?
Bringing Trust and Utility to Digital Assets
Bakkt is building an open, seamless global network to enable you to buy, sell, store and spend digital assets simply, safely and efficiently.
Backed by Intercontinental Exchange’s proven financial market infrastructure and technology, Bakkt’s secure global platform will connect investors, merchants and consumers, making it easier, faster and more cost-effective to access, trade and use digital assets. Bakkt’s open-source, neutral platform will be designed to meet applicable regulatory requirements, and to support innovation around digital assets and blockchain applications.
Bakkt is designed to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets. Formed with the purpose of bringing trust, efficiency and commerce to digital assets, Bakkt seeks to develop open technology to connect existing market and merchant infrastructure to the blockchain.
Buy, sell, store and spend digital assets within an efficient global ecosystem.
An integrated global platform for trading, warehousing and commerce.
Leveraging Intercontinental Exchange’s market infrastructure, Bakkt is designed to bring regulated trading, clearing and warehousing.
ICE Futures U.S. and ICE Clear U.S. plans to launch its first physically delivered bitcoin futures and warehouse in coordination with Bakkt, subject to regulatory review and approval. This will enable access for institutional investors via regulated market infrastructure.
Bakkt will announce further milestones in the near future.
Bakkt’s Custody Solution for BTC Will Need an Exemption from the CFTC
The report by Coinbase went on to explain that the CFTC might have to give an exemption to ICE for their custody solution of Bitcoin.
[The] CFTC must grant an exemption for Bakkt’s plan to custody bitcoin on behalf of its clients in its own “warehouse,” according to sources familiar with regulatory discussions of the plan. CFTC regulations normally require that customer funds be held by a bank, trust company or futures commission merchant (FCM).
necessary approvals might not be fast enough for the anticipated January 24th launch date of Bakkt. Initially, Bakkt was meant to go live on the 12th of December but had to be pushed to the January date.
The Delay Might Just Be For a Few Days
However, according to sources privy of the matter, this does not mean the CFTC will not green-light Bakkt. What it means is that the launch of the new market might be pushed a few days forward due to the following two reasons.
- Bakkts custody solution for Bitcoin is a first for the CFTC
- Current US Government shutdown due to funding for the US-Mexico border wall