Bakkt Launch to be Delayed

Cryptocurrency playform for big players will take place no earlier than January 24
21 November 2018   347

The launch of the Bakkt cryptocurrency platform, the first products of which should be Bitcoin futures contracts with physical delivery of the asset, will take place no earlier than January 24, 2019. This was announced by the platform operator Intercontinental Exchange (ICE), CoinDesk reports.

Earlier, ICE said that the launch of this cryptocurrency-oriented platform for large investors will take place on December 12, 2018, but now this date has been rescheduled.

ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on trade date Thursday, January 24, 2019, subject to regulatory approval. The new listing timeframe will provide additional time for customer and clearing member onboarding prior to the start of trading and warehousing of the new contract.

ICE Future Exchange

It is possible that the delay is associated with obtaining the necessary permits from the regulators. Earlier, ICE reported that it would receive such approval in early November.

Given the volume of interest in Bakkt and work required to get all of the pieces in place, we will now be targeting January 24, 2019 for our launch to ensure that our participants are ready to trade on Day 1. As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So it makes sense to adjust our timeline as we work with the industry toward launch.

Kelly Loeffler
CEO, Bakkt

As reported, Bakkt previously announced it was working with BCG, Microsoft and Starbuck

Australian Company to Issues Crypto Backed Loans

In case of default, financial company named Helio may sell cryptocurrency to cover losses
10 December 2018   78

Helio from Melbourne began issuing loans secured by cryptocurrencies, reports.

The service allows Helio clients to borrow from 1000 Australian dollars ($ 720) on the security of cryptocurrency assets. At the moment, the company accepts Bitcoin, Ether, Litecoin and Ripple.

Helio client crypto assets are stored in a secure wallet, company representatives say. In case of default, the company may sell cryptocurrency to cover losses.

Helio has a credit license (ACL) issued by the Australian Securities and Investments Commission (ASIC). As stated by the company's founder, John O’Shy, Helio was the first licensed organization in Australia to launch this service. According to him, the country has a developed cryptocurrency market, however, suppliers who want to provide loans secured by digital assets are not enough.

In June, the Japanese corporation Abic Corporation began to issue loans secured with Bitcoin