Bakkt CEO Kelly loeffler confirms that Adam White has joined Bakkt. They plan to launch services by December subject to CFTC review of their rules.
They also revealed some of their conservative market design
- a requirement of full prefunding for all Bitcoin trades
- allowing clients to onboard directly to the warehouse, meaning that clearing members will not be required to handle cryptocurrency themselves, and
- a new, separate guaranty fund for Bitcoin, fully funded by Bakkt and ICE, helps ensure that non-defaulting clearing member capital is not at risk in the waterfall