Bakkt’s launch, the new digital assets trading platform for institutions run by the InterContinental Exchange (ICE), was a much-awaited event by all cryptocurrency users, hoping it would be the spark needed for another bull-run. Although these were later disappointed, Bakkt’s launch remained very important for multiple reasons. First, the parent company of the largest stock exchange in the world (the NYSE) showing interest in digital assets, is a monumental event after the waves of criticism received by institutions such as JPMorgan. Second, these futures contracts that would be traded by institutions are physically-settled, unlike the CME futures contracts, meaning that those trading it would receive their profit in BTC rather than fiat.
Earlier this month, Bakkt announced that they’ll be using a similar strategy, for Bitcoin products, to the one they used for “ICE Brent Crude Oil” that made it the global benchmark for crude oil. By that note, they’ve introduced both cash-settled BTC futures contracts and the first CFTC regulated BTC options.
Today, Bakkt announced the appointment of their new CEO Mike Blandina, as well as Adam White’s appointment as president of the company. This follows the recent departure of founding CEO Kelly Loeffler, as she’ll be taking a seat in the United States Senate. ICE’s founder, chairman and CEO Jeffrey Sprecher said: ”As CEO, Mike will chart Bakkt’s strategic direction, payment products and markets, as well as overseeing the regulatory and financial performance of the company. His more than 25 years of experience in payments across product, engineering, strategy and operations will continue to serve us well”.
Image c/o Bakkt