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Bakkt’s launch pushed to later in 2019, informs CEO of Intercontinental Exchange [ICE]

Namrata Shukla

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Bakkt's launch pushed to late 2019, informs CEO of Intercontinental Exchange [ICE]
Source: Pixabay

Jeff Sprecher, the Chief Executive Officer of Intercontinental Exchange [ICE] announced that the firm’s digital asset platform, Bakkt will be expecting a launch later in 2019. Sprecher made this announcement during an earnings call on Thursday, reported the Toshi Times.

While discussing ICE’s financial results for Q4 and the year of 2018, Sprecher disclosed that the company spent over $1 billion on strategic initiatives, which also included its launch of the digital asset platform.

ICE is the parent company of the New York Stock Exchange and operates in 23 leading global exchanges. The Chief Financial Officer [CFO] of the company, Scott Hill, further shared his expectations on the investments Bakkt will be bringing in, as per its current financial review.
Hill said:

“And finally, our investment in Bakkt will generate $20 million to $25 million of expense based upon the run rate in the first quarter. We will update you on progress at Bakkt and the level of investment as we move through the year.”

When Sprecher was asked about the returns or revenue growth expected from the recent investments, including Bakkt, he described the crypto platform as a “moonshot bet” for ICE. He claimed:

“So it’s a bit of a moonshot bet and it’s been organized in a manner that is very different than the way ICE typically does businesses […] They’re well along in building out an infrastructure that I think you’ll see launch later this year.”

Sprecher clarified that Bakkt is independent of ICE as it has its own team and infrastructure. The CEO further informed that the project has independently garnered the attention of high-profile investors and partners, including Starbucks and Microsoft, reported CoinTelegraph.

The publication reported Hill concluding that Bakkt is more of a long-term project instead of a 2019-focused agenda. Hill said:



“I think Bakkt is really an investment […] That’s more about the future and revenue and market opportunities that we see in the future and less about 2019 topline”.

Bakkt was announced in August 2018 by ICE and was set to launch in early 2019. However, the date was postponed due to ongoing deliberations with the United States Commodity Futures and Trading Commission.

ICE had on 9 February announced the finalization of its acquisition of assets in futures commission merchant Rosenthal Collins Group.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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