Belated ICE-backed Bakkt Bitcoin Futures Beta-Testing Launches in Less than a Month

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Belated ICE-backed Bakkt Bitcoin Futures Beta-Testing Launches in Less than a Month
As ICE Futures Exchange opens its Bitcoin Futures interest, CME concurrently soars in what appears to be a four day all-time high in a row.
Belated ICE-backed Bakkt Bitcoin Futures Beta-Testing Launches in Less than a Month

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Source: CoinSpeaker

ICE’s Bakkt Seeking for NYDFS in a Bid to Finally Get Regulatory Approval

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ICE’s Bakkt Seeking for NYDFS in a Bid to Finally Get Regulatory Approval
Bakkt’s application with the NYDFS is seen as a possible gateway to get regulatory approval from the CFTC.
ICE’s Bakkt Seeking for NYDFS in a Bid to Finally Get Regulatory Approval

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Source: CoinSpeaker

VC Firms are Pouring Huge Money in Crypto Starups, Coinbase Unveils 2018 Earning

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VC Firms are Pouring Huge Money in Crypto Starups, Coinbase Unveils 2018 Earning
The latest Reuters report suggests that big organizations are investing heavily in startups developing protocols and services for the crypto and blockchain sector.
VC Firms are Pouring Huge Money in Crypto Starups, Coinbase Unveils 2018 Earning

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Source: CoinSpeaker

Bitcoin based Bakkt Platform Moves to Acquire Bitlicense in New York: Bloomberg Report

Intercontinental Exchange Inc., the parent company of the New York Stock Exchange (NYSE), had announced the Bakkt Platform which was supposed to be launched in December 2018. However, due to delay in regulatory approval from the Commodity Futures Trading Commission (CFTC) in the US, the launch has been delayed ever since.
Bakkt platform is a revolutionary product built on Bitcoin. It would provide Bitcoin futures contract which would be settled in Bitcoin instead of the US dollar. When Bakkt’s one-day contracts expire, they will be paid out in Bitcoin tokens instead of U.S. dollars. Hence, the biggest concern of the approving authority is custody and money laundering.
Kelly Loeffler, the CEO of Bakkt platform noted in her recent blog post that:
“New product launches require solving for unknown variables, and I’ve seen first-hand that addressing these challenges can help clear the path for healthy, long-term growth.”
ICE Move to New York Department of State Financial Services (NYDFS)
Bloomberg reported from its sources that the other significant roadblock is that traditionally to offer derivatives trading the clearinghouse or platforms must deposit the margin or initial amount from the customer in a bank. Hence, CFTC is concerned over how the and where the funds would be managed if they are Bitcoins.
Moreover, this involves custody of Bitcoin on two levels, one for the clearinghouse to settle the transactions and for the trade orders of Bitcoin Futures.
Reportedly, the owner of ICE has suggested procuring a BitLicense from the State authority to allow for custody of Bitcoin. Moreover, the NYDFS has granted a license to several Exchanges and Trusts like Winklevoss’s Gemini Trust, brokerage firm Tagomi and Bitstamp, a crypto-FIAT exchange. However, Bakkt platform is an application based request for custody; i.e., the bitcoins will not be traded as it is, but other derivative products and payment modules will be built on it.
The approval from the State authority would not confirm the launch of Bakkt platform as the ultimate deciding authority would still be CFTC for Bakkt to launch Futures contracts, and other applications based on Bitcoin. Moreover, initially, it might be made available only to institutional ‘high-volume’ investors.
Furthermore, Bakkt also aims to enable retail payments to popular brands like Starbucks; the Bakkt platform would provide for conversion of Bitcoin to FIAT instantly to make payments.
Will Bakkt platform aims to offer a plethora of applications on Bitcoin. Do you think it will successfully launch any time soon? Please share your views with us.  

The post Bitcoin based Bakkt Platform Moves to Acquire Bitlicense in New York: Bloomberg Report appeared first on Coingape.
Source: CoinGape

Uber’s IPO Filing Discloses $1.8B Loss, Raising Worries

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Uber’s IPO Filing Discloses $1.8B Loss, Raising Worries
Uber out-paced its rising competitor Lyft by more than $9 billion in revenue and at least 60 million users. That all could be seen from Uber’s S-1, the company has filed its IPO paperwork with the Securities and Exchange Commission on Thursday.
Uber’s IPO Filing Discloses $1.8B Loss, Raising Worries

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Source: CoinSpeaker

SpaceX’s Falcon Heavy Completes First Commercial Mission and Now You Can Buy Stocks

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SpaceX’s Falcon Heavy Completes First Commercial Mission and Now You Can Buy Stocks
SpaceX’s Falcon Heavy rocket, the most powerful vehicle flying today, just launched its first-ever mission for a paying customer. It was also the first time SpaceX managed to land all three rocket boosters after launch.
SpaceX’s Falcon Heavy Completes First Commercial Mission and Now You Can Buy Stocks

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New York Regulators Officially Rejects Bittrex’s BitLicences Application – Here’s Why

A quick letter released by the New York Department of Financial Services (NYDFS) reveals that Bittrex’s application to secure BitLicese is rejected, if it would have approved, the exchange could process trading operation in New York.
BitLicense Rejected
A letter addressing to Bittrex CEO Bill Shihara, published by NYDFS on Wednesday, April 10, 2019, reads that NYDFS has apparently rejected BitLicense application which was submitted in July 2018. The application was declined due to a number of factors which was however essential for every trading platforms intends to operate within New York.
The exchange was, however, operating under the terms of a ‘safe harbor’ a law that permits an exchange to operate within jurisdiction while its application to obtain BitLicense remains in pending status.
Daniel Sangeap, deputy superintendent and deputy counsel at NYDFS says that;
“Throughout Bittrex’s application process, the Department worked steadily with Bittrex to address continued deficiencies and to assist Bittrex in developing appropriate controls and compliance programs commensurate with the evolving nature of the sector,”
But Why?
Reports revealed that the regulators continuously reached Bittrex via several deficiency letters. However, the reason for such rejection comes after regulator’s notice of deficiency towards ‘Bittrex’s anti-money laundering procedures, its coin listing process, exchange’s capital, and Foreign Assets Control compliance. Mentioning these details, regulators specifically adds that;
Exchange’s failure to demonstrate that it will conduct its business honestly, fairly, equitably, carefully, and efficiently.
Beside rejection, NY regulators also ordered Bittrex to close its business in New York within 60 days and thus unauthorized to operate within the jurisdiction. Additionally, regulators highlighted Bittrex’s poor performance in conducting customer’s due diligence, the absence of required tax identification numbers or customer names are a few more factors that led Bittrex’s BitLicense failure. Nevertheless, regulators also point at the ‘obscene terms and phrases’ that many Bittrex accounts were containing – such as ‘Elvis Presley, Give me my money, Donal Duck’.
Following the rejection status, Bittrex, unfortunately, has to wind up its operation in New York, given that it is already having 35000 New York-based users. Sangeap further adds that;
“This was due to the fact that partial files were provided to the examiners, and moreover, actual compliance in certain files could not be established. Sangeap continued, Some tokens were listed despite some applicants refusing to complete the necessary paperwork – “and in one case … there was no application on file at all.”
In a nutshell, Bittrex’s BitLicese application is rejected and is expected to close his New York-based operations within a period of two months (probably within June 10) – however, the exchange has only 14 days to confirm to regulators that it has ceased existing business in New York and put an end to any upcoming business plans for NY residents.
So readers, what’s your view on NYDFS’s move towards rejecting Bittrex’s BitLicense? do you think the exchange deserved it? Let us know in the comment below 
The post New York Regulators Officially Rejects Bittrex’s BitLicences Application – Here’s Why appeared first on Coingape.
Source: CoinGape

U.S. SEC Delays Its Decision on Bitwise and VanEck Bitcoin ETF Application to May

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U.S. SEC Delays Its Decision on Bitwise and VanEck Bitcoin ETF Application to May
The U.S. securities regulator continues to remain firm on its decision of not approving the Bitcoin ETF anytime soon. Next window for ETF decision now in May 2019.
U.S. SEC Delays Its Decision on Bitwise and VanEck Bitcoin ETF Application to May

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Source: CoinSpeaker

Mike Novogratz: Another BTC Value Surge is About to Happen

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Mike Novogratz: Another BTC Value Surge is About to Happen
As Bitcoin (BTC) is clinging on to its $4,000 price tag, major crypto figures are betting big on a potential bull run. However, it doesn’t necessarily mean that cryptocurrency investors should get too carried away by the recent price uptick.
Mike Novogratz: Another BTC Value Surge is About to Happen

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Source: CoinSpeaker

Starbucks Receives Bakkt Equity to Start Accepting Bitcoin Payments in 2019

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Starbucks Receives Bakkt Equity to Start Accepting Bitcoin Payments in 2019

It seems that Starbucks has received a significant portion of equity in Bakkt despite not being a direct cash investor.

Starbucks Receives Bakkt Equity to Start Accepting Bitcoin Payments in 2019

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Source: CoinSpeaker

Ripple’s XRP Can Now be Spent in More than 40M Locations Across 180 Countries

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Ripple’s XRP Can Now be Spent in More than 40M Locations Across 180 Countries

XRP enthusiasts can now store the digital asset as well as spend it using Spend Visa Debit Card in 180 countries.

Ripple’s XRP Can Now be Spent in More than 40M Locations Across 180 Countries

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Source: CoinSpeaker

Bakkt’s launch pushed to late 2019, informs CEO of Intercontinental Exchange [ICE]

Jeff Sprecher, the Chief Executive Officer of Intercontinental Exchange [ICE] announced that the firm’s digital asset platform, Bakkt will be expecting a launch later in 2019. Sprecher made this announcement during an earnings call on Thursday, reported the Toshi Times.
While discussing ICE’s financial results for Q4 and the year of 2018, Sprecher disclosed that the company spent over $1 billion on strategic initiatives, which also included its launch of the digital asset platform.
ICE is the parent company of the New York Stock Exchange and operates in 23 leading global exchanges. The Chief Financial Officer [CFO] of the company, Scott Hill, further shared his expectations on the investments Bakkt will be bringing in, as per its current financial review.
Hill said:
“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.”
When Sprecher was asked about the returns or revenue growth expected from the recent investments, including Bakkt, he described the crypto platform as a “moonshot bet” for ICE. He claimed:
“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.”
Sprecher clarified that Bakkt is independent of ICE as it has its own team and infrastructure. The CEO further informed that the project has independently garnered the attention of high-profile investors and partners, including Starbucks and Microsoft, reported CoinTelegraph.
The publication reported Hill concluding that Bakkt is more of a long-term project instead of a 2019-focused agenda. Hill said:
“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”.
Bakkt was announced in August 2018 by ICE and was set to launch in early 2019. However, the date was postponed due to ongoing deliberations with the United States Commodity Futures and Trading Commission.
ICE had on 9 February announced the finalization of its acquisition of assets in futures commission merchant Rosenthal Collins Group.
The post Bakkt’s launch pushed to late 2019, informs CEO of Intercontinental Exchange [ICE] appeared first on AMBCrypto.
Source: AMB Crypto

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.”
The post Bitcoin [BTC]: Is Bakkt Really Coming in 2019? New Launch Date is Now “Later This Year” appeared first on Coingape.
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 Will Gain More Than 80% Throughout 2019, New Study Explains Why

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Bitcoin Will Gain More Than 80% Throughout 2019, New Study Explains Why

Despite the persistent crypto winter, a panel of financial markets analysts in Australia predicted that Bitcoin will rise by over 80% throughout 2018 fueled by several short-term catalysts.

Bitcoin Will Gain More Than 80% Throughout 2019, New Study Explains Why

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Source: CoinSpeaker