ICE’s Bakkt Platform Secures $182 Million Funding from High-Profile Venture Capital Firms
Bakkt, the cryptocurrency exchange announced earlier this year by NYSE parent Intercontinental Exchange (ICE) has recently secured a $182 million funding supported by 12 high profile venture capital firms.
Bakkt CEO Kelly Loeffler made this announcement on the last day of 2018 saying that the Bakkt platform is looking for further expansion through this latest fundraising. In the official blog post, the Bakkt CEO writes: “Our work today is centered on driving institutional access for digital assets, along with merchant and consumer uses, and we’re already expanding on this vision, collaborating with great companies like Starbucks in these efforts.”
Loeffler further added that Bakkt is currently focused on new opportunities for this year that includes providing “new infrastructure, including the industry’s first institutional grade regulated exchange, clearing and warehousing services for physical delivery and storage.”
While 2018 has turned out to be a disappointing year for Bitcoin investors, Loeffler has some optimistic view-point on it. She says that 2018 saw some crucial changes towards strengthening the infrastructure for the asset class. Loeffler believes that the price of the Bitcoin is not the only parameter to judge its accomplishments.
She says that a number of financial companies trying to develop derivative products is itself indicative of the fact that the asset class is viewed seriously in the financial market. Loeffler adds: “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 more narrow focus on bitcoin’s price, which has been seen by some, as a proxy for the potential of the technology”.
Along with Bakkt, there are several other companies working on the adoption of digital assets with giants like Microsoft and Starbucks participating in this drive. Bakkt executives are in active talks with CFTC to get the approval for launch of its Bitcoin Futures contracts and crypto trading platform.
However, some representatives suggest that the launch could see a further delay from its currently scheduled date of January 24, 2019. “Following consultation with the Commodity Futures Trading Commission, ICE Futures U.S., Inc. expects to provide an updated launch timeline in early 2019, for the trading, clearing and warehousing of the Bakkt Bitcoin (USD) Daily Futures Contract,” the firm said.