The world of cryptocurrency is continuously changing; creating new Apps, establishing new agencies, launching commissions with innovatively-defined approaches are some sensible developments adding to the facilities and comfort in working and trading by such currencies.
Founded on technology, this area of knowledge has raised the people’s expectations regarding its efficacy, immediate output, and profitability.
The Bitcoin platform delay
Bakkt which is actually Bitcoin futures trading and Custody platform can be assumed as one of those decisions made to reach its predefined purposes with the least effort. It was supposed to be started by Intercontinental Exchange (ICE), the original stock exchange located in New York and the largest in case of market capital.
The expected schedule was set for December 2108; however, it was postponed to the last days of January 2019. It looks as if it waited for receiving the confirmation from the Commodity and Futures Trading Commission (CFTC). The more CFTC delays in giving approval, the more time Intercontinental Exchange new platform needs to be launched.
postponement or procrastination
Looking at the history of CFTC performance, it seems such delays are common since its present pace can corroborate it. Mainstream belief is that the delays should be limited to a few days.
Crypto futures are susceptible to manipulation, and it is one hidden obstacle for Bakkts’ launch. Moreover, the platforms and contract under harder regulations can be helpful in their market stabilization, and it entails spending more time.
The experts believe that this delay does not mean not agreeing on such activities, it may start in just a few days, and they estimate the beginning to be around February. Bakkt has applied having authority on Bitcoin and giving all Bitcoin services to the customers despite knowing the present rules and regulations implying that the responsibility of holding owners’ capitals should be solely shouldered by a trust company, a bank or futures commission merchant (FCM).
This exemption application has been examined and re-evaluated by the agency and delivered to CFTC a few days ago, and it is waiting for the decision about whether the consensus of the people is needed or not. It will take about a month if it is decided to be carried on. The next step will be taking a vote about it by the commissioners in some days.
What will be attractively different in Bakkt
Bitcoin physical settlement can be the most important feature Bakkt focuses on; that is, they change credit not the cash at the time of contract expiration. The others, on the contrary, like CME group or Cboe do not cover such benefit.
The other advantage Bakkt owns is the total control by Intercontinental exchange whose fame is conclusive for the people.
It is expected for Bakkt to have a fully-fledged coverage on all types of cryptocurrencies in the near future, the analysts believe.
Many speculators look at this approval as an ignition for the futures of Bitcoin engine to move in a bullish road of the economy. Alex Kruger, a cryptoanalyst is one of the proponents of this view who believes in a cyclic pattern of its value increase which will end in Bitcoin’s bullish trend.
ICE has been supported by important companies like Microsoft and Starbucks which had the objective of making cryptocurrency more transparent and sufficiently regulated to be used by retailers. These well-known names are causes of assuming Bakkt a highly-supported and greatly-organized platform, per se.
On the other hand, ICE had addressed cryptocurrencies before too. Investing on Coinbase, a wallet service provider in San Francisco, forming a group with startup block-stream to exchange bitcoin are some cases guaranteeing its sufficient experience not to launch a project which doesn’t have something new to say.
To sum up, taking the steps and procedures necessary for successfully implementing a project and modernity as well as the newness of such innovations, avoiding hastiness to reach fruitful results is something common. Therefore, such delays should be a hint to pay more attention to the process and consider all probable risky aspects before administering rather than evasion sign.