Bakkt has brought on a former Google consultant as it inches closer to releasing a product
Chris Peterson, formerly a UX consultant for Google, joined cryptocurrency venture Bakkt earlier this month as the firm works on rolling-out a mobile application for a digital asset wallet, dubbed Bakkt Pay, according to a person familiar with the situation.
Bakkt, the brainchild of Intercontinental
Exchange’s Kelly Loeffler and Jeff Sprecher, was announced with great fanfare in August 2018, promising a platform that would help people invest bitcoin in their 401(k)s. To start, Bakkt said it would launch a physically-delivered futures product tied to bitcoin, but regulatory headwinds have pushed the launch date back by several months.
The firm is still working on getting the much talked-about future off the ground, but at the same it is working on its mobile application for possible release in the next couple of months, according to sources. Peterson, who has been an independent UX consultant for 20 years, is helping Bakkt expand its brand outside of its role as a futures provider. He is involved in the roll-out of the app. Previously, he consulted Google’s cloud team on the firm’s redesign of the help system for all of its products.
The firm hinted at its ambitions to build a mobile app in a January job posting for a mobile app developer for the “Bakkt product suite.” It also revamped its website to better reflect the businesses it is involved in:
A spokesman for ICE did not respond to an email seeking comment.
Bakkt, which raised $182 million from investors such as Galaxy Digital and CMT Digital, is under pressure to ship a product. Recently, COO Adam White said in a blog post that it would begin testing its bitcoin futures product on July 22. The blog post revealed new details about Bakkt’s platform, including its intention to insure the custody of bitcoin for as much as $100 million.
Still, it is unclear when any product from Bakkt will be released, leaving market observers wondering “When Bakkt?”