While still no launch date, Bakkt CEO says they're "making solid progress"

31 Mar, 2019
by Richard Allen
News
While still no launch date, Bakkt CEO says they're making solid progress

The crypto space has been anxiously awaiting the arrival of Bakkt. However, frequent delays have meant that it’s launch date has been postponed several times. Now, Bakkt CEO Kelly Loeffler has released a progress report.

Loeffler stated in the report:

“With ongoing reports of crypto market manipulation and security concerns, the need for the solutions we’re building at Bakkt is more critical than ever. It illustrates why regulated custody and market-based solutions for digital assets are at the core of our work to address risks that have discouraged many from interacting with digital assets.”

Loeffler further stated that “We are charting a new course” that “requires significant work.” She adds that she wants to reorganize the members, with Tom Noonan - a cyber expert and founder of numerous cybersecurity companies, including Internet Security Systems (IBM), JouleX (Cisco) and Endgame - chairing the board.

Additionally, founder, chairman and CEO of ICE and chairman of the NYSE, Jeff Sprecher will be joining the board along with Akshay Naheta, managing partner at SoftBank and Sean Collins, managing partner at Goldfinch Partners.

Read more: 5 ways Fidelity and Bakkt could change cryptocurrency in 2019

Loeffler then gave an update from a regulatory standpoint with reference to physically distributed Bitcoin, stating:

“Over the last year, we’ve worked closely with the Commodity Futures Trading Commission (CFTC) on an extensive process to obtain regulatory approval for the launch of our physically delivered bitcoin futures.”

She concludes by saying that, although unable to provide a launch date, “we’re making solid progress.”

Read more: Bakkt hits delays as CFTC raises concerns over Bitcoin custody

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