Bakkt President prophesies the decline of the unregulated …

Bakkt President prophesies the decline of the unregulated …

Bakkt President Predicts Decline for Unregulated Crypto Derivatives

President of the crypto platform of the operator of the New York Stock Exchange Bakkt Edam White this Tuesday spoke at an event in Tel Aviv, where he spoke about the prospects for market regulation and plans of his company.

According to White, Bakkt’s advantage over competing platforms is that it has deliverable bitcoin futures, the integrity of which is monitored by the US government, while offshore exchanges transfer whatever data they see fit and are not very transparent..

“We monitor trading offshore on unregulated exchanges that use very weak customer identification and do not take anti-money laundering measures. This will not last forever, ”he said. – Regulators act slowly, but they are. They won’t let this happen all the time. “.

White also compared Bakkt’s offering to the custodian service of Coinbase, of which he served as vice president until he took up his current job: “I was one of the first Coinbase employees. What kind of custodian is this, when they didn’t even call their service custody? It was just a by-product of the same service that was required to bid. “.

At Bakkt, White says things are different. “We think that although ICE is Bakkt’s largest shareholder and investor, it really matters that it is not our direct owner,” he added..

Bakkt President prophesies the decline of the unregulated ...

Currently, Bakkt offers its customers only Bitcoin of all cryptocurrencies. Talking about the company’s plans in this direction, White said: “We want to be able to store whatever our customers want. We do business and provide a service. Does this mean ICE will launch futures on every crypto asset? Probably not. There are still many cryptocurrencies that are unclear whether they are securities, commodities, or currencies. The Commodity Futures Trading Commission (CFTC) said that in theory they only approve futures on the common crypto assets, Bitcoin and Ethereum. There is no clarity about others yet “.

Last week, White revealed new details of Bakkt’s crypto payment application.

Bakkt President prophesies the decline of the unregulated ...

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