Former Coinbase Employee to Join Bakkt Team
The team is one part of cryptocurrency projects that is often underestimated. If we look at the recent listing of 0x Project to Coinbase Pro, three of the five advisors are former Coinbase employees.
Bakkt is one project that is taking the team into account. The project announced yesterday that it would be adding former Coinbase employee Adam White as COO.
Following up on our Medium post earlier this morning, @MrShawnTully of @FortuneMagazine has an interview with Bakkt CEO Kelly Leoffler and incoming COO @WhiteAdamL. Read it herehttps://t.co/y4NlX2t3CS
— Bakkt (@Bakkt) October 15, 2018
Bakkt Still at Beginning
Bakkt is a very early-stage project being announced just in August. The project is being formed by the Intercontinental Exchange (ICE), a major operator of clearinghouses, exchanges, and data services.
Bakkt is tackling the digital asset industry. The vision is to form a global network where digital assets can be traded. Bakkt aims to use blockchain to connect already existing markets and infrastructure. This will enable the trading of digital assets within the connected network. Imagine being able to trade two products on separate exchanges and easily transfer between them. But the vision also aims to incorporate merchant infrastructure enabling users to also buy and spend their digital assets with merchants.
But where does blockchain come into this? The Bakkt website remains scarce on the technological details, and there is no whitepaper. The CEO of Bakkt, Kelly Loeffler, has mentioned Bakkt using technology similar to sidechains such as the Lightning Network and Raiden. But if this is the case, would a traditional database not provide the same connection benefits?
However, secrecy has been an element of the project so far, so the technology could have the potential to surprise. The project was worked on for 14 months in privacy before anything was announced to the public.
Setting Up for Success?
The wheels have already been in motion prior to bringing Adam White to Bakkt. The project has some major retailers willing to be merchants, including Microsoft and Starbucks. Bakkt also has some significant investment backers, which include Susquehanna International Group, Fortress Investment Group, and Eagle Seven.
Bakkt also has a strong focus on regulation. It aims to provide institutions with a regulated model to serve its customers that are interested in digital assets. At the moment, a lot of uncertainty still remains with how regulations are going to work in cryptocurrencies.
The first product launched on the Bakkt network aims to be physically delivered Bitcoin futures, which are planned to be launched by ICE. Bakkt is expected to launch in November. Strategically, the hire of White looks like the right step for Bakkt. Although the project has a significant institution behind it along with large investors and partners, the professional expertise within the digital asset industry that White will provide will be key to setting up for success.
Former Coinbase Employee to Join Bakkt Team was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.