The digital assets platform operated by the Intercontinental Exchange (ICE) Bakkt, has finally closed its first acquisition according to the tweet by the company itself which we are looking into some more in the latest blockchain news.
The acquisition of assets in futures commission merchant Rosenthal Collins Group was finally done and Bakkt stated:
“RCG’s remarkable heritage, culture and expertise will help us build out a trusted institutional infrastructure for digital assets.”
Bakkt previously announced the acquisition of assets in Rosenthal Collins Group somewhere at the end of January and as the CEO of the company Kelly Loeffler explained, the acquisition means that the company is awaiting approval by the United States Commodity Futures Trading Commission and therefore has slowed down the operations for the launch of regulated crypto trading.
Loeffler also pointed out that the acquisition will expand the treasury operations and risk management of Bakkt with better systems and expertise and might even contribute to the know-your-customer policies.
The parent company of the New York Stock Exchange and about 20 other exchanges had their earnings call in the Q4 2018. The ICE CFO Scott Hill said that Bakkt’s investment in digital assets platform will provide another $20 million of expense but later ICE’s chairman Jeff Sprecher said that Bakkt is a ‘’moonshot bet.’’
Bakkt was first announced by ICE back in 2018 in August and by late December; ICE reported that they are considering an update of the Bakkt Bitcoin Daily Futures Contract launch date. Most recently, Bakkt published a list of empty spaces at the company mostly based in New York City and Atlanta.
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“Telegram was the first big project that legally prohibited investors from selling their allocation. Investors usually just share their allocations with friends, without signing documents.’’The purchase agreement which was written for Telegram by the US legal powerhouse Skadden, Slate, Meagher, and Glom LLP according to one investor stipulates that the buyers of grams may not offer pledge, swap, sell and encumber or dispose of their tokens directly and indirectly. The investors may sell any securities convertible into or exercisable or exchangeable for the investment contract between an investor and the company. The issuance of the tokens is conditional upon the investors’ compliance with the rule. One investor stated for the latest cryptocurrency news:
The future issuance of tokens is conditional upon the investor’s compliance with this rule. If Telegram learns the investor broke the agreement, it can cancel the allocation.
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‘’Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges’’If we don’t include the nation’s four largest exchanges, some of the 200 smaller exchanges cannot even open real-name virtual accounts and this is one of the reasons why crypto investors cannot benefit from the protection systems. The international players such as China’s BW.com, Bitholic and Binance Labs sense the demand from South Korea hence they are either opening Korean won markets or in this case, Binance Labs is only sponsoring the blockchain efforts. Only this week, Japan as one of the governments that openly claim to foster crypto exchange innovation while still has a strict licensing scheme added another platform to its domestic economy in the form of Rakuten Wallet. These moves are also impacting other exchanges and market players' share of the market. As a result the South Korean exchanges are less appealing in 2019 because of the low volume and out of the top one hundred in the world, there are only a few exchanges that are located under the jurisdiction in Seoul. Other issues faced by the local include added responsibility for loss or theft of the customers’ funds. Earlier this month, the commentators warned that the existing restrictions on cryptocurrency by the regulators will throttle attempts to foster blockchain innovation as read in the latest cryptocurrency news:
“It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions’’
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‘’Under [a very specific] and rare error condition, the registration form on our signup page wouldn’t load correctly, which meant that any attempt to create a new Coinbase account under those conditions would fail. Unfortunately, it also meant that the individual’s name, email address, and proposed password (and state of residence, if in the US) would be sent to our internal logs.’’The exchange noted that the users who resubmitted the form had their usernames and passwords and other details kept securely. Unfortunately, more than 3,000 customers as mentioned logged their private data onto the servers. Coinbase pretended to be the good Samaritan and fixed the issue on top priority. The company traced the entire line of storage to confirm that they are not holding any more information from the customers’ personal information. According to the blog post:
‘’We have an internal logging system hosted in AWS, as well as a small number of log analysis service providers. Access to all of these systems is tightly restricted and audited. A thorough review of access to these logging systems did not reveal any unauthorized access to this data.’’The company also started a password reset for affected customers and asserted that a password alone could not have a hacker potentially stealing their bitcoins because they protect each account with mandatory email and 1FA authentications. Coinbase confessed:
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