The CEO of Intercontinental Exchange’s (ICE), Kelly Loeffler, posted on Medium about a new addition to the Bakkt team in the form of former Coinbase vice president Adam White. White will fill the position of chief operating officer (COO) this November for the much anticipated cryptocurrency exchange.
White, whose previous position was as the head of institutional products at US-based cryptocurrency exchange comes as a welcomed addition to the team. Loeffler’s goal of revolutionizing the sector with the institutional friendly crypto exchange, Bakkt, will use the expertise White brings to the industry.
ICE’s new exchange has been gaining strong support since its July revealment. To pull in institutional investors, the Bakkt team have focused on transparency.
The medium post stated:
“Our exchange and clearing house boards — and the clearing house risk committee — have all reviewed and approved the respective rules. We plan to file these rules publicly with the CFTC for review and comment very soon.”
The Bakkt exchange will attempt to alleviate fears surrounding leveraged and non-custodial trading products, that industry players have concerning the lack of physical interaction with the flagship cryptocurrency, Bitcoin. According to a tweet from the official Bakkt Twitter account posted back in Aug 20, 2018:
“With our solution the buying and selling of bitcoin is fully collateralized or pre-funded.
Our new daily bitcoin contract will not be traded on margin, use leverage or serve to create a paper claim on a real asset.”
On the Medium post, CEO Loeffler, commented:
“Our patent-pending market model is focused on mitigating risk while creating opportunities for institutions to serve their clients in a regulated framework for digital assets.”