Bakkt Raises $182 Million Funds for Further Expansion

The Bakkt platform of Intercontinental Exchange [ICE] has recently raised a giant fund worth $182 million USD from its 12 high profile investors and partners. The CEO of Bakkt, Kelly Loeffler announced this through her Medium post on the 31st of December ‘18. Bakkt is the crypto platform which has been announced by NYSE’s parent firm Intercontinental Exchange [ICE], in August this year.

High profile firms from the industry such as Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, PayU, Microsoft’s venture capital arm, M12, Pantera Capital, the fintech arm of Naspers, and Protocol Ventures have been in the support of Bakkt. Bakkt CEO Loeffler said, “The platform continues to spearhead its vision of providing institutional access to digital assets. Furthermore, it is also actively working with merchants and consumers alike. Bakkt has also joined hands with retail giants such as Starbucks for the same.” Talking about the objectives of the platform in 2019, Loeffler said, “We are focused on opportunities to provide new infrastructure, including the industry’s first institutional grade regulated exchange, clearing and warehousing services for physical delivery and storage.”

In an announcement by the ICE, Bakkt said there would be a further delay for the launch of the Bitcoin future contracts. The launched was scheduled on the 24th of January ’19. Now it is assumed that the launch would be in February. Bakkt has said that the platform is undergoing the approval process from the U.S. Commodities and Futures Trading Commission (CFTC). Kelly Loeffler also talked about the recent uncertainties regarding the launch of Bakkt. She said, “The path to developing new markets is rarely linear: progress tends to modulate between innovation, dismissal, reinvention and, finally, acceptance. While access to information as technology innovation occurs is extremely valuable, the risk is a ‘marking to market’ of innovations before they have a chance to mature. Few innovations reached their full potential in their first decade of development.”

Pantera Capital partner Paul Veradittakit has showed full support to the Bakkt platform. Veradittakit said, “Pantera is excited to support Bakkt in its journey to provided needed infrastructure for both institutional and retail investors. Regulated physically settled bitcoin futures is the first step of many to bring more regulated and ease of access to cryptocurrencies.” The performance of Bitcoin in 2018 has been a big disappointment for its investors but Kelly Loeffler has still backed it. She has said that 2018, was the one of the most active year for the crypto world. Loeffler wrote, “Notably, 2018 was the most active year for crypto in its brief ten-year history. This was evidenced by rising investment in distributed ledger technology and digital assets, as well as by blockchain network metrics such as daily bitcoin transaction value and active addresses. Yet, these milestones tend to be overshadowed by the narrow focus on bitcoin’s price, which has been seen by some, as a proxy for the potential of the technology.”

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