The CEO of the institutional trading platform Bakkt Kelly Loeffler made an official announcement that the former cybersecurity expert and Cisco, Endgame and IBM Tom Noonan, will become the chairman of Bakkt’s board of directors according to the blog post published yesterday that reached our digital currency news.
The blog post initially reported in Medium, states that the founder, CEO and chairman of the Intercontinental Exchange (ICE) who is also the chairman of the New York Stock Exchange (NYSE) Jeff Sprecher will also be joining the board of directors at Bakkt. In this group a couple of other popular names will be included such as the Softbank managing partner Akshay Naheta and Sean Collins who is the managing partner at Goldfinch partners.
Kelly Loeffler pointed out that the current state of the crypto market and the manipulation of it, increases the security concerns which show how important a regulated crypto space and custody market is for all of the digital assets. She added:
“Security, infrastructure and regulatory clarity are cornerstones for building trust, and ultimately to help this technology serve people around the world.”
The announcement goes on further and explains how the realization of vision of the company requires a serious amount of work by the future and current board members. The post also underlines that the company is working with the United States Regulator- The Commodity Futures Trading Commission (CFTC) in order to get the much needed regulatory approval for their Bitcoin (BTC) futures that are expected to be physically delivered.
Loeffler also pointed out that, despite the fact that the company cannot set up an exact launch date, they are making progress with obtaining the needed regulatory approval. The post outlines that bitcoin futures will definitely be listed on the CFTC regulated exchange.
As previously reported by DC Forecasts, the first delay of the Bakkt’s futures launch was caused by the Commodity Futures and Trading Commission after explaining their concerns over the decision of the company to have custody of the clients’ crypto assets. The CFTC told the platform back in February that if Bakkt wants to be a physical warehouse for their customers, they have to fulfill other conditions that are not required for other platforms. The CFTC also requires ‘’disclosures of the venture’s business plan and a public comment period, which would have further delayed approval.’’
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Telegram Open Network Will Finally Launch On October 31st
“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.
Blockchain CEOs Tired Of The South Korean Regulation: Report
‘’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:
‘’We maintain incredibly high standards for securing the Coinbase platform, and any time we fall even slightly short of those standards, we mobilize a team to figure out what went wrong, and how we prevent it from happening again. We also believe in being transparent with our customers, which is why we’re sharing the results of our investigation today.’’As we can read in the coming altcoin news today, the alert came in a time when the institutional investors are taking huge steps into introducing bitcoin in their portfolio because security is still the top of their concerns.
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