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Bakkt Announces New Board Led by Cyber Security Veteran

By | April 1, 2019
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Bakkt Announces New Board Led by Cyber Security Veteran

Digital asset ecosystem Bakkt has made public the members of its new board, which will be chaired by long-time cyber security expert and serial startup entrepreneur Tom Noonan.

Bakkt’s CEO Kelly Loeffler revealed the news in a Medium post on March 30, highlighting security as being amongst the key building blocks – along with infrastructure, and regulatory clarity – to build trust and support the growth of blockchain technology to serve the people.

Two of Noonan’s previous startups became major acquisitions. He was formerly the General Manager of Energy Management at Cisco Systems after his company JouleX was bought over. The other company, Internet Security Systems, was acquired by IBM in 2007. Amongst several other ventures, Noonan also co-founded Endgame Security, a major provider of software solutions to the US Intelligence Community and Department of Defense.

Other than Loeffler and Noonan, the other board members are Jeff Sprecher, Founder, Chairman, and CEO of Intercontinental Exchange (ICE), and Chairman of the New York Stock Exchange (NYSE); Akshay Naheta; Managing Partner at Softbank, and Sean Collins, Managing Partner at Goldfinch Partners. Bakkt is owned by ICE, which owns and runs several financial exchanges worldwide like NYSE.

Loeffler also updated that Bakkt is still not able to provide a launch date for its services, but revealed the company has been working at length “over the last year” with the Commodity Futures Trading Commission (CFTC) to try and get regulatory approval for its physically delivered Bitcoin futures.

If approved, Bakkt intends to list and clear its Bitcoin futures contracts on CFTC-regulated exchange and clearing infrastructure, ICE Futures US, and ICE Clear US. Loeffler also wrote that the company will share information about its custody platform “shortly”.  

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