Bakkt put back as NYSE operator eyes January launch date

It now has insurance for Bitcoin in cold storage and is in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture

The Bakkt digital assets platform is now targeting 24th January 2019 as a launch date.

The venture, which was created by the operator of the New York Stock Exchange (NYSE), said in a Medium post: “Given the volume of interest in Bakkt and work required to get all of the pieces in place, we will now be targeting January 24, 2019 for our launch to ensure that our participants are ready to trade on Day 1.”

“As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So it makes sense to adjust our timeline as we work with the industry toward launch.”

It added that its team is focusing on customer onboarding and securing regulatory approvals. “We’re focused on helping participants prepare for our launch, and we appreciate the tremendous collaboration among our clearing firms and customers.”

On the regulatory front, it is working closely with the CFTC as they conduct their review of the Bakk Bitcoin Daily Futures contract and the Bakkt Warehouse. 

“The level of collaboration at the exchange, customer, and regulatory levels are unprecedented in terms of engagement and effort in the institutional cryptocurrency markets. We are also fortunate to now have Adam White on board as our COO as we work through our launch and establish our roadmap for the year ahead,” the Medium post states.

The Intercontinental Exchange (ICE), operator of 23 exchanges, announced the creation of Bakkt in August. In October, it said it would list Bakkt Bitcoin Daily Futures Contracts for trading on 12th December.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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