Bakkt, the bitcoin futures exchange that all cryptocurrency enthusiasts have been curiously waiting for has been continuing its developments despite the delays in the launch. The CEO of Bakkt, Kelly Loeffler announced on yesterday that the company is acquiring ‘Certain Assets’, a futures commission merchant run by Rosenthal Collins Group. The Rosenthal Collins Group are experts in account management, collateral handling as well as driving trades through clearinghouses owned by banks.
Bakkt had earlier raised around $183 million in a series A funding from 12 partners and investors for building the infrastructure of the exchange. The exchange, however, has been waiting for approval from CFTC for the launch of the regulated bitcoin futures trading. The exchange which was earlier to be launched in December last year was delayed to January 2019 but it seems that the launch might be delayed yet again. The US government shutdown is hindering the approval.
The company had earlier announced that the bitcoin futures exchange is going to be launched on 24th January 2019 but the launch might be delayed as they still haven’t received the required approval from the CFTC or Commodity Futures Trading Commission. After going through the application, the commission is to begin a 30 day period for comments from the general public to observe the proposal which includes the custody of bitcoin in Bakkt’s own warehouse. Considering this, the launch on 26th January shall not be possible according to the latest announcements by the CEO. The next expected launch date is not announced yet by the company.
Bakkt delay not stopping the developments:
The delays in the launch of Bakkt is not stopping the company from making advancements and developments. After securing a good amount of investment, the exchange has now acquired ‘Certain Assets’ which according to the CEO will help them in improving the risk management, KYC process, anti-money laundering, and treasury operations.
Loeffler also said that the company is not standing still while waiting for the approval from CFTC. The company’s aim is to provide the most reliable fintech ecosystem for cryptocurrencies or digital assets for which it requires a noteworthy investment in technology along with financial market expertise.