Bakkt is an up-and-coming digital currency trading platform that promises to transform the crypto exchange space. While the trading platform is getting ready for its upcoming launch, it is set to welcome an early and veteran employee of Coinbase as its COO. The prominent crypto executive to join the up-and-coming trading platform is Adam White.
Adam White will be joining the trading platform not just as a member, but as the Chief Operating Officer of the Bakkt. The digital currency space has long been waiting for an influx of institutional investors.
However, a lot of analysts and investors believe Bakkt could be the next big platform in the digital currency industry that will usher in a new era of retail and institutional investors.
Bakkt Will Be a Big Rivalry to Coinbase
The company will be a direct competitor to Coinbase – one of the largest digital currency trading platforms in the world. Bakkt is backed by the parent firm of New York Stock Exchange – ICE. The trading platform also has deep ties in Wall Street. The platform is yet to launch, however, it has secured a lot of strategic partnerships.
Bitcoin (BTC) Price Today – BTC / USD
Bakkt has partnered with top household companies such as Microsoft and Starbucks. With these partnerships, Bakkt has a competitive edge over its rivals. Bakkt is currently waiting for the United States Commodities and Funds Trading Commission to grant it an operational approval.
Kelly Loeffler Welcomes Adam White
Kelly Loeffler is the CEO of Bakkt, and she is very excited about the addition of Adam White to the team. She said Adam White is a perfect fit with the firm’s culture of leadership, integrity, problem-solving, and collaboration. She disclosed this via a Medium post, and she added that Adam White is a much-anticipated addition to the exchange.
Bakkt Continues to Talk with Digital Currency Regulators
Via a post on Medium, the CEO of Bakkt also talked about the progress of the digital currency trading in addition to the announcement that Adam White will be joining the leadership team of the platform. She said the exchange is presently working hard with the “clearing house risk” committee members. She said they are working closely with the clearinghouse boards to meet the US government and CFTC’s regulatory guidelines.
Subject to the approval by the CFTC, Bakkt will start testing and onboarding next month. Trading on the platform will begin in December. The trading platform is also waiting for an approval on a patent that will enable them to provide institutions with regulated frameworks to offer digital currency-related products to their customers.
The CEO also said that it is very important to create a regulatory framework for nascent industries. She also said that negotiations about regulation are already in full swing. Should Bakkt be approved by all the necessary regulatory bodies, it will bring a considerable level of retail wealth into the digital currency space. It might also be able to reverse the persisting bear market.
The bears have shown themselves pretty strong over the past months. Earlier this year, the valuation of the entire crypto market was over $800 billion. However, the bears have been able to bring it down to about $200 billion, as most digital currencies have lost more than 90 percent of their values. Bitcoin (BTC) – the world’s most dominant coin – recently saw a sharp decline. However, the digital currency is now recovering, carrying other coins along with it.