Intercontinental Exchange and the other companies behind the Bakkt cryptocurrency exchange hit another bump in the road to the Big Reveal.
The exchange, announced in August, expected in November and delayed until mid-December, has been delayed yet again, this time until Jan. 24, Bakkt announced. The delay is intended to “provide additional time for customer and clearing member onboarding prior to the start of trading and warehousing of the new contract.”
In a blog post, CEO Kelly Loeffler added, “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.”
She gave no further details on those “risks and mitigants” but she did announce Bakkt is adding insurance for bitcoin (BTC) in “cold storage,” meaning offline storage, “and are in the process of securing insurance for the warm [online] wallet within the Bakkt Warehouse architecture.”