Will Bakkt Cause Cryptocurrency Markets to Explode? PrimeXBT Research

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Will Bakkt Cause Cryptocurrency Markets to Explode? PrimeXBT Research
New research from PrimeXBT shows the potential impact that Bakkt will have on the crypto market and if it can help cause Bitcoin to reach the price projections that the crypto community hopes for.
Will Bakkt Cause Cryptocurrency Markets to Explode? PrimeXBT Research

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Source: CoinSpeaker

5 Reasons Why Bakkt’s Launch is BIG News for the Crypto Community

The news of Bakkt’s September 23 launch has broken the crypto internet. The market is all green with Bitcoin alone has gained over $600 in the last 48 hours. Crypto Twitterati has welcomed the news with a shower of excited tweets. 
To give you perspective, Bakkt is a bitcoin futures exchange and digital assets platform founded by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). Several major organizations including Boston Consulting Group (BCG), Microsoft and Starbucks are working to develop the exchange. 
After having made the crypto community wait for a year since ICE’s announcement of its plans to create the platform, Bakkt is finally set to launch in September, as per Bakkt’s medium blog. 
Here are 5 reasons why Bakkt’s launch is such a big deal for the crypto community

Bakkt’s Wall Street Connection – Bakkt has been founded by the creator of the largest stock exchange in the world, the New York Stock Exchange. This bold initiative may also inspire other major stock exchanges in the world from crypto-friendly countries like Japan and Hong Kong to venture into offering regulated platforms for crypto-based assets.

Bakkt’s Credibility – One of the reasons why new investors are reluctant about including crypto-based assets in their portfolio is the lack of trust in existing platforms. Bakkt, owing to being equipped with the New York state trust charter from the New York State Department of Financial Services (NYDFS) and approvals from Commodity Futures Trading Commission (CFTC), and its association with some of the biggest companies of the world, overcomes the obstacle of building trust. Thus, the platform is bound to attract investors that want to play safe in the cryptocurrency space.
More Institutional Investment – The cryptocurrency space has been bereft of institutional investors because of the same reason – lack of institutional-grade infrastructure. According to bitcoin enthusiast Jake Chervinsky, ICE brings great credibility to the crypto space for large institutions. When institutional investors enter the crypto space, sooner or later, crypto-based assets are bound to get recognition as mainstream financial vehicles.

Mainstream Adoption – Among Bakkt’s objectives is to facilitate seamless cryptocurrency usage in daily life. Though Bakkt hasn’t revealed a lot about its plans for achieving this objective, but word on the street is that Bakkt will help customers switch from paying with cards at malls and online to scanning their Bitcoin apps. One place where consumers will definitely be able to spend their bitcoin is Starbucks. According to  Maria Smith, vice president, Partnerships and Payments for Starbucks, “As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted, and regulated applications for consumers to convert their digital assets into U.S. dollars for use at Starbucks.” This development, which will enable consumers to avail Bitcoin’s utility as a currency, is a major step towards increasing bitcoin adoption.

A Gateway to a Basket of Bitcoin-based Offerings – Bakkt aims to enable major money managers to offer Bitcoin-based financial vehicles including mutual funds, pension funds, and ETFs, as highly regulated, mainstream investments. Bakkt’s vision can only be fulfilled if the US’ regulatory bodies are on the same page as Bakkt about digital assets. The SEC has been delaying its decision on proposed Bitcoin ETFs since the last year, and even now, it has pushed its decision to October. With the launch of Bakkt, the SEC might expedite its process of reviewing bitcoin-based assets. 

How do you think that Bakkt will influence the cryptocurrency market? Share your views with us in the comments.
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Source: CoinGape

Bakkt Begins Beta Launch on July 22, Analysts Expect It Could be Huge – Here’s Why So

One of the most anticipated bitcoin futures by Bakkt is launching beta testing, allowing user testing on July 22, 2019. The futures contract is powered by Bakkt, a subsidiary of the Intercontinental Exchange (ICE) that founded the New York Stock Exchange.
This Could Be Huge
The day, Bakkt announced Bitcoin futures contract, the crypto community was quite sure that it will more possibly bring institutional investors to the crypto industry. In many specific terms, it will bring big money big players into cryptocurrency which will more likely enhance the total market cap of the sphere by orders of magnitude.
In essence, Bakkt is backed by a diverse array of big names, including Microsoft Inc. Starbucks Corporation which makes its bitcoin futures even more interesting. Moreover, it is expected to be a game-changer in the crypto investment industry. As the platform announces that it begins user acceptance testing for its Bitcoin futures contracts on Monday (July 22, 2019), many speculate that it will be a catalyst and quite a big deal for the crypto industry.
According to ICE’s CEO and Chairman, Jeff Sprecher, ICE’s investment in Bakkt is “a bit of a moonshot bet” – a term used by former American president John F.Kennedy on Neil Armstrong’s land on the lunar surface. The blog announcing Bakkt’s beta launch on July 22, states that;
On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.
Moreover, Adam White, the Chief Operating Officer at Bakkt reveals that the company’s Bitcoin futures will be listed and traded on ICE Futures U.S. as well as cleared at ICE Clear U.S.
Institutions should not dismiss crypto-asset
Unlike CME Grup and Cboe’s bitcoin futures that featuring cash-settled, Bakkt’s Bitcoin futures on the exchange are physically settled. It means that parties experience transfers of Bitcoin from the Bakkt Digital Asset Warehouse upon the end of the contract period.
While Bakkt is scheduled to launch these bitcoin futures today, Fundstrat’s Quant strategist, Sam Doctor states that this could be a huge catalyst for institutional participation in the crypto market.

We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH @fundstrat @fundstrat_ken pic.twitter.com/lkRylD1P4C
— Sam Doctor (@fundstratQuant) July 19, 2019

Referring to Bakkt’s recent institutional summit at the New York State Exchange, Fundstrat claims that this is a big opportunity that accelerates entry of traditional institutional investors. The Fundstrat’s takeaways from the Bakkt Digital Asset Summit mentioned that;
“There appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch, with the sales team gaining traction among brokers, market makers, prop trading desks and liquidity providers.”
This Fundstrat notes further mentioned views of Blocktower Ari Paul who reportedly said that ”institutions should not dismiss crypto-asset”, explaining;
With 200%-300% CAGR and low to no correlation to traditional assets, investors should size their position accordingly rather than avoid crypto.
He strongly affirmed that crypto is here to stay and “institutional CIOs who make large crypto gains aren’t acting responsibly when avoiding to add in their funds.
While this is a good deal for big boys, it has no positive effect on the price of the crypto market yet. At the press time, the market is still dull and Bitcoin is trading under $10600 figure whereas other altcoins are experiencing the eventual downfall.
Crypto Market Price | Coinmarketcap
Image Source – shutterstock
The post Bakkt Begins Beta Launch on July 22, Analysts Expect It Could be Huge – Here’s Why So appeared first on Coingape.
Source: CoinGape

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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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.  

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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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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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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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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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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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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.
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Source: AMB Crypto