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Why Were Bakkt Bitcoin Futures Delayed?

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Bakkt Bitcoin

Bakkt has been a highly-anticipated project ever since it was first announced in mid-2018. It was supposed to become the largest Bitcoin futures trading platform, and many in the crypto industry hoped that the platform going live might mean the arrival of institutional investors. However, the platform’s launch was delayed time after time, and while it was supposed to go live in late 2018 — it simply did not make it.

Many were hoping that it will finally arrive in February 2019, although the US government shutdown prevented that as well. These days, the situation has finally calmed down, although Bakkt is still struggling with the launch. However, according to recent reports, the problems might lie in the platform’s inability to gain regulatory approval.

The real reason why Bakkt platform cannot go live

Bakkt’s plan is to start offering Bitcoin futures contracts, which ware basically investment contracts according to which the investor is obliged to purchase or sell a certain asset at a certain date, and at a certain price. There are multiple crypto exchanges that already deal with Bitcoin futures, although these contracts are typically settled in cash.

Bakkt’s plan would include paying them out via Bitcoin. Of course, to be able to do this, Bakkt itself needs to hold BTC. However, that would make it a type of custody service. The problem lies in the fact that Bakkt’s custody service must meet certain regulatory requirements — which it, apparently, does not.

According to the regulator, the CFTC, clearinghouses need to deposit customer assets at trust companies or banks, which is a criterion that Bakkt currently does not meet. The fact that the CFTC prevents Bakkt from going live due to this aspect alone might also mean that the US government shutdown is not the only reason why Bakkt launch did not happen in February.

What to expect next?

Considering the problem, it appears that Bakkt has decided to attempt and obtain the necessary permission from New York state regulators. Getting this permission would mean that Bakkt can self-certify without actually acting as a trust company or a bank. However, historically, obtaining a Bitcoin license in the state of New York is neither easy nor quick, which might mean that Bakkt will not see the official launch of its platform for quite some time.

Even so, the project is still allegedly moving forward, at least according to its CEO, Kelly Loeffler, who recently stated that ‘the race day is approaching.’ In addition, the Intercontinental Exchange, which is the parent firm to Bakkt, recently expanded its crypto data feed. This led some investors to believe that Bakkt’s launch might not be that far away after all.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

META 1 Coin Trust Announces Commission to Study Global Persecution of Cryptocurrency Projects

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Boca Raton, Florida, 27th October, 2020, // ChainWire //

Collaborating with Other Cryptocurrencies, META 1 Tackles Injustice and Human Rights 

META 1 Coin Trust has announced plans to identify, research and document instances of governmental overreach in cryptocurrency cases globally, as part of its ongoing efforts to advance human rights and individual freedom. 

According to Robert P. Dunlap, Executive Trustee of META 1 Coin Trust, “The malicious attacks on crypto projects globally by overzealous government agencies must be documented and publicized to protect the individual liberties of META 1 Coin holders, as well as issuers and holders of other cryptocurrencies.” He added, “The decentralized, non-jurisdictional reality of crypto has left government agencies often unable to fully litigate cases and the general public should not have to continue suffering due to excessive overreach as agencies clamor to save face.”

META 1 Coin Trust is led by Robert P. Dunlap and Nicole Bowdler, who are both committed to pushing back against unimpeded global persecution of cryptocurrencies. By calling attention to years of organized efforts by government agencies to specifically target cryptocurrency projects, their hope is that the public will see and demand an end to these unjust violations of individual liberty. 

Specific grievances which motivated this initiative include grave concerns over government agencies’ obstruction of individuals’ livelihoods, defamation of character, and libelous false accusations which could tarnish the names of individuals for years to come, long after legal actions…

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GDA Capital in Conversation About the Future of Digital Assets at Global Family Office Summit

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GDA Capital organized the quarterly Global Family Office Summit this week. The event was held virtually with a number of technology leaders and high net worth investors who discussed issues such as education, trust and responsibility to give back. Among these were insightful conversations with Dubai-based Dalma Capital’s CEO Zachari Cefaratti, Holt Fintech Accelerator founder Brendan Hold Dunn, Global Data Sentinel CEO and White City Ventures Chairman of the Board Shahal Khan, and Elitium CEO Raoul Milhado, among others. Participants were also given access to off-market opportunities to invest in novel technologies.

Will Bartlett, GDA Capital’s Director of Research, headlined the event by focusing on tech in the modern economy, and identifying six sectors where new technologies can make a lasting impact: robotics, space, biotech, machine learning, quantum computing, and blockchain. In the context of blockchain, he discussed how digital assets are a hedge against traditional financial markets. “Cryptocurrencies have no exposure to stock market returns, macroeconomic factors, or returns of currencies and commodities,” Bartlett said.

More so, Bartlett believes that new models for digital assets such as DigitalBits’ branded stablecoins are key to the development of the field. These currencies replace traditional rewards and loyalty point systems that are commonly used by household brands by porting them to the blockchain. Meanwhile, they rely on brand…

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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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