Bitcoin [BTC]: Is Bakkt Really Coming in 2019? New Launch Date is Now “Later This Year”

The launch of Bakkt that was to first go live in August 2018 and then rescheduled for late January will be now coming “later this year,” according to the CEO of International Exchange (ICE), Jeff Sprecher.
Bakkt is a Moonshot Bet for ICE
During the earnings call dedicated to the financial results of ICE for quarter 4 and the entire year of 2018. Jeff Sprecher, ICE’s CEO shared that over $1 billion has been spent by the company on strategic initiatives along with the launch of its highly anticipated digital asset platform, Bakkt.  
The parent company of the New York Stock Exchange (NYSE) operates a number of leading global exchanges and is now set to enter the crypto space. Scott Hill, the CFO of the company, further talked about the expenses that will be incurred by Bakkt.
“And finally, our investment in Bakkt will generate $20 million to $25 million of expense based upon the run rate in the first quarter. We will update you on progress at Bakkt and the level of investment as we move through the year.”
Bakkt that according to Sprecher is independent of ICE due to the fact that it has its own office, infrastructure and management team. ICE is also putting big faith in the platform as they characterize the crypto platform as a “moonshot bet” when asked about the expected revenue growth from its recent investments along with Bakkt. Sprecher had this to say,
“So it’s a bit of a moonshot bet and it’s been organized in a manner that is very different than the way ICE typically does businesses […] They’re well along in building out an infrastructure that I think you’ll see launch later this year.”
Bakkt at Work: Acquisition and Hiring
Sprecher further emphasized that the infrastructure of the project had already attracted various high-profile investors. Moreover, Bakkt has acquired Rosenthal Collins Group as the official announcement reads,
“With today’s closing of our transaction with Rosenthal Collins Group, we welcome great new team members to Bakkt RCG’s remarkable heritage, culture and expertise will help us build out a trusted institutional infrastructure for digital assets.”
In addition to the acquisition, Bakkt has also hired two top executives viz. Erik Haas, the Director of Compliance who will move in from ICE and Rachel Ford as the Strategic Operations Manager from Techstars.
Bakkt has 10 positions opened in Sales, Finance, and Engineering for different locations viz. San Francisco, New York, Atlanta, Tokyo, Hong Kong, Singapore, London, and Tel Aviv.
Hill further shared that, Bakkt is a long term project and not just a 2019 focused program,
“I think Bakkt is really an investment […] That’s more about the future and revenue and market opportunities that we see in the future and less about 2019 topline.”
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Source: CoinGape

Bakkt Is Our ‘Moonshot Bet’ Says ICE CEO, Plans to Launch the Platform Later This Year

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Bakkt Is Our ‘Moonshot Bet’ Says ICE CEO, Plans to Launch the Platform Later This Year

ICE CEO Jeff Sprecher talked about how his team is working diligently for the launch of Bakkt and why he continues to hold utmost faith in Bitcoin.

Bakkt Is Our ‘Moonshot Bet’ Says ICE CEO, Plans to Launch the Platform Later This Year

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Source: CoinSpeaker

Bitcoin [BTC] will remain the yardstick on which crypto market will be gauged, says NYSE’s Jeff Sprecher

Jeff Sprecher, the chairman of New York Stock Exchange and the Chief Executive Officer of Intercontinental Exchange, shouldered support to the top cryptocurrency, Bitcoin [BTC], at the Consensus: Invest conference, on Tuesday. Sprecher’s support to the token comes after the panic that surrounded the crypto market last week after it went on a downward spiral.
According to CNBC, when the chairman was asked about the survival of the digital asset, he said:
“The unequivocal answer is yes. As an exchange operator, it’s not our objective to opine on prices.”
After facing a new 14-month low over the weekend, the world’s largest cryptocurrency was back on the bull’s back with a 5 percent growth over the past 24 hours, trading at around $4,300 on Wednesday.
Sprecher stated that Bitcoin has lived in a swamp but has still managed to survive. He added that though it lacks in the best technology out of all cryptocurrencies, Bitcoin will still pose as the yardstick by which all other cryptocurrencies will be measured. He added:

“There are thousands of other tokens that you could argue are better, but yet, Bitcoin continues to survive, thrive and attract attention.”
Sprecher compared Bitcoin to Dow Jones Industrial Average, commonly known as Dow. The Dow is an index of 30 stocks and it gives more importance to the stocks while ignoring the industry size and the market cap. According to the report, Dow representatives claim that it is not an absolute representation of the market performance. However, Dow is the widely used barometer.
On the same line, Sprecher noted that Bitcoin has flaws, but it’s possibly the go-to cryptocurrency. The chairman added:
“Often times in finance, it’s not about being the best. It turns out to be about being the broadest and the most commonly accepted and for whatever reason, Bitcoin has become that.”

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Source: AMB Crypto