COO Adam White Says ‘Bakkt Warehouse Is Open for Business’

On Monday (September 9), Adam White, the Chief Operating Officer (COO) of Bakkt, the crypto custodian and Bitcoin futures exchange subsidiary of Intercontinental Exchange (ICE), declared the Bakkt Warehouse "open for business."

White sent out the following tweet at 15:21 UTC on September 9:

In his blog post, White said:

The launch of the Bakkt Warehouse, our regulated custodian and part of Bakkt Trust Company, allows for the safe, secure storage of bitcoin. It represents a milestone as we prepare for the launch of the Bakkt Bitcoin Daily and Monthly Futures contracts on ICE Futures U.S.

He also added:

We’re thrilled with the initial interest we have seen in the Bakkt Warehouse, and continue to onboard new customers and accept bitcoin deposits.

The Bakkt Warehouse launched last Friday (September 6).

On that day, Bloomberg published an article that provided some more details on how Bakkt's futures products would work:

  • "Once the futures begin trading on Sept. 23, actual Bitcoin can be acquired by going long in the one-day or 30-day contract and holding to delivery."
  • "The early opening of the warehouse is meant to allow customers to move Bitcoin in and out of their accounts to become comfortable with the process prior to Sept. 23."
  • "Both futures contracts will be margined, meaning there’s no need for users to pre-fund their trading accounts or collateralize them at 100% as was previously envisioned by ICE."
  • "ICE hopes the futures will create price discovery for Bitcoin apart from any cash market influence, as the company has cited abuse and manipulation in spot Bitcoin trading."
  • "It’s rare in the futures world for a company to act as exchange, clearinghouse and settlement authority; this last part delayed ICE’s plans for months as it sought the NYDFS approval to become a trust."

Earlier today, Bakkt tweeted:


Ripple CEO: 'You Don’t Want to Use BTC at Starbucks'

On Thursday (January 23), Brad Garlinghouse, the CEO of Ripple, told the Wallet Street Journal (WSJ) that Bitcoin is not a good means of payment because BTC transactions take too long.

The Ripple CEO's comments were made during his talk with Phillipa Leighton-Jones (Editorial Director for Innovation) at a Ripple-sponsored event (organized by the WSJ) called "Ripple Panel: Changing the Finance Industry From Within" held alongside this year's World Economic Forum Meeting in Davos, Switzerland.

Although we don't yet have a full transcript of this interview, we do know about two of the things he talked about thanks to tweets by Asheesh Birla, SVP of Product at Ripple, who was at this event.

First, it seems that although the Ripple CEO likes Bitcoin as a store of value, he does not see (at least, as of now) as a viable means of payment. The example he gave was paying for a cup of coffee at Starbucks. He believes that BTC transactions take so long to confirm that by the time you have finished paying for your coffee, "it'll be cold." 

Second, within the next 12 months, he sees several companies in the crypto space holding initial public offerings (IPOs) and he wants Ripple to be "on the leading side" since this is "a natural evolution" for Ripple, which raised $200 million via a Series C funding round (which valued the company at $10 billion) last month. 

On Wednesday (January 22), Ripple published the "Q4 2019 XRP Markets Report", which is a quarterly report that allows Ripple to "voluntarily provide transparency and regular updates on the company’s views on the state of the XRP market, including quarterly programmatic and institutional sales updates, relevant XRP-related announcements such as Xpring and RippleNet partnerships and commentary on previous quarter market developments." 

In Q4 2019, Ripple's total XRP sales were down just over 80% compared to the preceding quarter ($13.08 million vs. $66.24 million). Ripple "continued the pause of programmatic sales" (to crypto exchanges), and focused exclusively on over-the-counter (OTC) sales to "a few strategic partners, who are building XRP utility and liquidity in strategic regions including EMEA and Asia."

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