Bakkt Makes Initial Hiring Push for Bitcoin Futures Exchange

Editor’s Note: Another missed date for Intercontinental Exchange’s release of its cryptocurrency derivative Bakkt. Obviously there is a known advantage being first to market, but with the level of complexity crypto presents to regulators, and their need to catch up with the market’s progress and penetration, perhaps a more united coordination between key players in the crypto market and traditional financial firms will work to everyone’s advantage.

The article below was Published on Coindesk January 22, 2019, by Anna Baydakova

Ahead of its hotly anticipated launch, bitcoin futures exchange Bakkt has launched a hiring campaign. Eight new job posting were published Tuesday on the company’s website.

Bakkt is looking for several experienced software developers, including mobile and blockchain developers; an institutional sales manager with experience in North America or Asia; and three higher-level positions including a director of finance, director of security engineering and director for blockchain engineering.

An institutional-grade regulated exchange for crypto derivatives founded by the Intercontinental Exchange (the New York Stock Exchange’s parent company), Bakkt was expected to go live on December 12 last year, but the launch was postponed twice.

It was initially delayed to until January 24, with the company citing a need for “additional time for customer and clearing member onboarding.” It is now delayed indefinitely while the exchange waits for the Commodity Futures Trading Commission (CFTC) to grant an exemption for Bakkt’s plan to custody bitcoin on behalf of its clients.

The ongoing government shutdown has contributed to the delay. The CFTC needs at least 30 days for a public comment period, plus however much time may be needed to review the comments and make a decision once this period concludes. It is unclear when this comment period may begin.

However, Bakkt’s team hasn’t been sitting idly by waiting for the green light: it closed a $182.5-million funding round and acquired “certain assets” belonging to Rosenthal Collins Group (RCG), an independent futures commission merchant, earlier this month.

The deal, involving RCG’s staff and technology, was supposed to help Bakkt improve its risk management, anti-money-laundering (AML), know-your-customer (KYC) and treasury operations, Bakkt CEO Kelly Loeffler said in announcing the acquisition.

Her most prominent hire to date has been Adam White, one of the longest-serving employees at industry unicorn Coinbase, who joined Bakkt as chief operating officer last year.

From left: CoinDesk advisory board chairman Michael Casey, Bakkt CEO Kelly Loeffler and Intercontinental Exchange CEO Jeff Sprecher at Consensus: Invest 2018. Image via CoinDesk archives