Bakkt launch flop or fly? / Kik kicks the bucket, Kin lives on / SEC testifies before Congress

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 24 September 2019

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Much hyped Bakkt has launched, but the volume is...less than massive. What should we think about it? Is it a sign of failure; a sign that there simply isn't demand from institutions; or was this always the likely launch pattern? Meanwhile, in the "whoa" files, messenger app Kik has shuttered to focus all remaining efforts on KIN. Hail mary (or was the ICO the hail mary in the first place)? Finally, the SEC testified in front of Congress about crypto amongst other topics. Hope you're not hungry, because this was a nothingburger. Watch: https://www.youtube.com/nathanielwhittemorecrypto

Transcript

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0:00.0	The first lady is not the only one making her Wall Street debut today.
0:04.0	The long-awaited crypto platform backed launches today offering the first physically delivered Bitcoin futures contract ever traded on a federally regulated exchange.
0:14.0	Wow, that was a mouthful.
0:15.0	Joining me is Adam White, the chief operating officer of back.
0:19.0	Congratulations.
0:20.0	Thank you very much. Just explain in English what
0:22.9	this means. What this means. This is a big day we think not just for backed and for the intercontinental
0:27.8	exchange, but for the whole space, because for the first time ever, you have an end-to-end regulated
0:32.5	marketplace for the price discovery of Bitcoin. Welcome back to another crypto Daily 3 at 3.
0:40.2	All right, guys.
0:41.3	So what is going on?
0:42.8	It is Tuesday, September 24th.
0:45.9	And today we're going to be looking at first the launch of BACT.
0:49.6	It has come out of the gates, whether thundering or not so much is kind of what we'll be talking
0:56.2	about. Second, we're going to look at the end of Kick Messenger and the shift of their focus
1:02.0	over to Kin and what it all means. And third, we're going to talk about, do a quick recap of
1:08.3	the SEC's testimony in front of Congress today.
1:11.4	See if we can pull out some of the interesting bits that related to crypto.
1:16.3	But let's start with backed.
1:18.0	So backed, for those of you who don't know, is they're offering the first physically settled futures contracts.
1:24.2	You just heard Adam White, their COO, who was formerly at Coinbase, talk about
1:30.2	why it's a significant move and what it means, and get into kind of the idea of physically delivered
	...

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