In an announcement made last month, Bakkt admitted to tapping a former Cisco and IBM executive to lead its board of directors. Ex-IBM and Cisco employee recruited by Bakkt to Lead its Board of directors.
Tom Noonan, described as “a cyber expert” will Chair the Bakkt’s board. Also, he is the founder of Internet Security Systems, JouleX, and Endgame. The following will be accompanying him:
- Akshay Naheta, managing partner at Softbank
- Sean Collins, managing partner at Goldfinch Partners
- Jeff Sprecher, ICE CEO and chairman
- Kelly Loeffler, Bakkt’s head
ICE has its own board of directors, of which Noonan is already a member.
Bakkt’s physically settled bitcoin futures contracts will be listed on ICE Futures US and ICE Clear US. As soon as they have been approved by the Commodity Futures Trading Commission (CFTC). Where, as Loeffler wrote in a blog post “…global market participants already transact…..Similarly, the price discovery function in these new physical delivery markets should contribute to building confidence in bitcoin prices.”
Bakkt’s pending products were described by Loeffler as:
“the first physical delivery price discovery contracts for bitcoin to the U.S. The price formation will occur in federally regulated, transparent markets.”
“Also, just as digital asset custody is at the core of Bakkt’s infrastructure development, secure custody is at the heart of our physical delivery bitcoin futures contracts.”
Without providing specifics of when it may go live, however, Loeffler only said that “We’ll share more about our custody platform shortly, as we work to set a new standard in digital asset security.”
The launch of the platform is delayed twice already. Loeffler said in recent months Bakkt has been working closely with the CFTC. Also, they are currently waiting on the CFTC to approve their plan to custody bitcoin on behalf of their clients.
Also, regulations normally require banks to hold customer funds, trust companies or futures commission merchants. Bakkt’s proposal has been in the review process by CFTC staff since last year, with no update as to where it stands.
It seems that Bakkt is unlikely to launch before May because the CFTC has yet to publish Bakkt’s proposal for a 30-day public review period. After this process, however, the commissioners will vote to approve or disapprove.
“We continue to work with regulators to address the emerging global landscape for digital assets”.