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Bakkt and ErisX are not the same, clarify Adam White and Thomas Chippas

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Bakkt and ErisX are not the same, explain Adam White and Thomas Chippas
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Bakkt, the digital asset platform spearheaded by Intercontinental Exchange [ICE] and ErisX, the cryptocurrency exchange, are often clubbed together because of their converging visions for publicly traded Bitcoin products. However, their executives recently came forward to clearly demarcate the two.

The two platforms are launching their own Bitcoin Futures soon, prior to which they want to clear the air, so that customers know what they’re getting into with each service.

At a recent conference, Adam White, the COO of Bakkt, and Thomas Chippas, the CEO of ErisX, spoke about the growth of digital assets, and its foray into the mainstream realm of financial products.

White stated that Bakkt’s goal was to further cryptocurrency adoption, while also creating a wider market through which the public can trade cryptocurrencies. He added that the digital assets platform should not be considered business for institutional infrastructure alone.

The COO stated,

“To me, it is not enough just to say we are going to invest a ton of money into market infrastructure and hope someone else figures out why we’re going to use [virtual currencies]”

White added that the need for wider cryptocurrency application was key to thee growing adoption of the underlying blockchain technology. He stated,

“We are going to see volumes continue to flatten, price probably to trend to zero, because everyone is baking in that the future public blockchains are going to be more efficient, they are going to be cheaper, they are going to be faster … but it requires companies building actual use cases and applications on top of that.”

The Bakkt COO brushed off any concerns about the delay in regulatory approval, which was expected in January, 2019. White also stated that the complexities of the cryptocurrency space cannot be understood within a short period, stating,

“It’s partnering and working with the regulators to help them understand what is hard fork, what a deep chain reorg is, why one blockchain or public blockchain may be sufficient and capable while another one isn’t.”

Contrarily, the CEO of ErisX, Thomas Chippas, stated that his exchange wanted to cement itself as a marketplace. Referring to virtual currencies as “commodities,” Chippas said that the creation of a marketplace was a pertinent precursor to the development of the larger asset-class.

In his own words,

“Our view more is we want to provide a marketplace where these commodities can be traded, futures can be provided so that others can actually go develop.”

According to Chippas, Bakkt is also on a path to the development of the cryptocurrency market. However, it is taking a different route, he said. Veering away from being solely a marketplace for digital assets, Bakkt, in Chippas’ opinion, will play the dual role of being a payment intermediary, as well as a clearing house.



He added,

“Bakkt believes that being both a clearing house as well as a payment processor in competition with Visa and MasterCard is the way to go because they think they need to push the development.”

ErisX’s application for a DCO license was still awaiting approval from the Commodities Futures Trading Commission [CFTC], at press time. However, Chippas remained patient, stating,

“The right answer is going to be when the regulators are ready and they feel that the requirements have been met.”





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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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