Bakkt CEO secures U.S. Senate seat, may help cryptocurrency promotion

Cointelegraph reported on December 5 that Georgia Governor Brain Kemp appointed Kelly Loeffler, CEO of Bitcoin futures platform Bakkt, as a U.S. senator.

47281863302_e535461a59_z (Image source: flickr )

The Washington Post reported on December 4 that Loeffler will replace Republican Senator Johnny Isakson who plans to retire at the end of this year. Although President Donald Trump is clearly more inclined to support Republican Rep. Doug Collins, Kemp has appointed Republican Loeffler against his will. According to Politico, Loeffler has the support of Senate Majority Leader Mitch McConnell.

In his speech after his appointment to the Senate, Loeffler did not mention Bitcoin and cryptocurrencies.

Recent developments in Bakkt

Since its founding in August 2018, Loeffler has been the CEO of Bakkt, a subsidiary of the Intercontinental Exchange Bitcoin business. During her tenure, Bakkt launched a physically settled Bitcoin futures contract earlier this year.

On December 3, the open interest rate of Bitcoin futures on the Bakkt platform hit a record high of $ 6.5 million. According to reports, open positions have increased by 42% from the previous day, setting a record high.

Bakkt recently announced its intention to develop a consumer-oriented mobile application for bitcoin payments, expanded escrow services, and will also launch options and cash-settled futures contracts.

Bakkt said:

Bakkt has self-certified the contract with the US Commodity Futures Trading Commission, and we are pleased to be able to leverage benchmark futures prices and institutional-level custody to meet the needs of regulated option contracts.

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