Bakkt might not get the necessary approvals to meet its target launch date in January 2019
December 21, 2018, 9:58PM EST
1 min read
Bakkt, a Bitcoin futures trading platform backed by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, will unlikely meet its target launch date on January 24, 2019. This would be the second launch delay for Bakkt. It appears that the delay is the fault of regulators. According to CoinDesk, the U.S. Commodity Future Trading Commission (CFTC) has yet to give ICE the necessary approvals for Bakkt to launch.
According to CoinDesk’s sources, “the CFTC must grant an exemption for Bakkt’s plan to custody bitcoin on behalf of its clients in its own ‘warehouse.’ Typically, the CFTC requires customer funds to be held by a trusted third-party intermediary like a bank, trust company, or futures commission merchant.
While CFTC staff members have finished reviewing Bakkt’s exemption request, the commission has yet to cast votes on whether or not the proposal should be put out for public comment. If the commission does vote for public comments for the proposal, there would be a 30-day comment period, followed by a review of these comments. Because Monday and Tuesday are federal holidays, the earliest date the commission would be able to vote is on Wednesday, December 26. A 30-day comment period starting on December 26, would be January 25, 2019 — a day over Bakkt’s target of January 24. Furthermore, this does not take into account the fact that the commission would still need to read the public comments, which would delay the launch even further.
Earlier this month, Pinata, the NFT media company known across the industry as a prominent leader in NFT storage and management, announced the release of their newest product feature dubbed ‘Submarining.’
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.
While many considered highly-priced NFTs such as Bored Apes Yacht Club (BAYC) could be sound investments with decent returns, the lack of a proper pricing mechanism for NFTs could hamper the long-term development of the space. The absence of reference pricing may be a barrier to entry for investors.