By
Godfrey Benjamin
April 15th, 2024
The Bakkt platform is not letting multiple delays cringe their business strategies. They have announced vacant positions targeting to hire experienced and top-ranking executives.
The bitcoin futures exchange Bakkt has announced that they are hiring ahead of their highly anticipated launch. The company published eight new high-ranking on their website on Tuesday. Also, the information was announced to the crypto communities in a tweet Jan. 22. The Intercontinental Exchange’s (ICE) published a list of eight new vacancies at the company.
All of the new job opportunities are based in New York City and Atlanta. The company is mainly trying to higher individuals at senior levels. They are in need of several experienced software developers to enhance their team ahead of the looming launch. Other notable advertised positions include a director for blockchain engineering, director of security engineering and director of finance.
However, some of the positions have other listed available locations. These locations include San Francisco, Singapore, Hong Kong, Tel Aviv, Tokyo, and London.
The Delays
Bakkt was scheduled to go live on December 12, 2018, but the launch was put on hold twice. It was at first delayed to until January 24, with the company mentioning a necessity for:
“Additional time for customer and clearing member onboarding”
Then, it was postponed indefinitely as the company waits for the Commodity Futures Trading Commission (CFTC) to grant an important exemption. The exemption entails Bakkt’s plan to safe keep Bitcoin on behalf of clients. The ongoing government shutdown has also contributed significantly to the delay.
The CFTC announced that they need up to 30 days for a comprehensive public comment period. Additionally, the approval will also wait for the much time that the CFTC may need to review the comments and make a decision. It is, however, not clear when the commenting period will start.
Expansion and Acquisition
As the indefinite delay bites, Bakkt’s team has not been waiting idly for the approval. As we reported earlier, the company has raised a staggering $182 million in funds for further expansion. A group of 12 high-profile partners and investors joined hands to raise this amount for the platform’s infrastructural developments.
We also announced earlier and it was confirmed that Bakkt acquired ‘certain assets’ from Rosenthal Collins Group (RCG). This deal would enhance the platform’s know-your-customer (KYC), anti-money-laundering (AML), treasury, and risk management operations. Kelly Loeffler, Bakkt’s CEO, made the acquisition announcement.
Goals and Strategies
The pending launch may be a possible catalyst for the cryptocurrency market next notable price action. The company is also standing up to the task. They have major goals in creating an ecosystem for digital assets with the assistance of major brands like Microsoft and Starbucks. As ICE announced on December 31, 2018, it:
“Expects to provide an updated launch timeline in early 2019 for the trading, clearing, and warehousing of Bakkt Bitcoin (USD) Daily Futures Contracts”
The CEO Loeffler has also decided to remedy the growing concerns about the delays saying:
“We are not standing still as we await regulatory approval by the CFTC for the launch of regulated trading in our crypto markets.”
Also, the company has made several strategic hiring in the past trying to propel growth. The most prominent hire to date, as we published earlier is Adam White. He was among the longest-serving employees at industry unicorn Coinbase. He joined the Bakkt team as the chief operating officer.