Bakkt CEO, Kelly Loeffler, has announced Tom Noonan, former executive at both IBM and Cisco, will be joining Bakkt’s board of directors.
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“We are charting a new course and it requires significant work,” said Loeffler.
“Chairing the board is Tom Noonan, a cyber expert and founder of numerous cybersecurity companies, including Internet Security Systems (IBM), JouleX (Cisco) and Endgame.”
Also joining Loeffler on the board are Jeff Sprecher, the Founder, Chairman and CEO of Intercontinental Exchange (ICE) and Chairman of the New York Stock Exchange (NYSE), as well as, Akshay Naheta, Managing Partner at Softbank, and Sean Collins, Managing Partner at Goldfinch Partners.
In a recent blog post, Loeffler stated security concerns and market manipulation is the most important reason for Bakkt.
“With ongoing reports of crypto market manipulation and security concerns, the need for the solutions we’re building at Bakkt is more critical than ever,” stated Loeffler.
“It illustrates why regulated custody and market-based solutions for digital assets are at the core of our work to address risks that have discouraged many from interacting with digital assets. Security, infrastructure and regulatory clarity are cornerstones for building trust, and ultimately to help this technology serve people around the world.”
Bakkt is working closely with the Commodity Futures Trading Commission (CFTC) to acquire regulatory approval.
As for an official launch date, the time target for a physical BTC futures market is still unclear.
“While we’re not yet able to provide a launch date, we’re making solid progress in bringing the first physical delivery price discovery contracts for bitcoin to the U.S., where price formation will occur in federally regulated, transparent markets,” stated Loeffler.