NYSE Operator’s Crypto Platform Bakkt Completes $182.5 Million Funding Round
The digital assets platform Bakkt — created by the NYSE’s operator — announces the completion of their first funding round.
The institutional investor-focused cryptocurrency platform from the Intercontinental Exchange (ICE) has officially raised $182.5 million from 12 partners and investors, according to the post.
The partners and investors reportedly include major names in both traditional finance and crypto-oriented investing, including ICE, Boston Consulting Group, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Microsoft’s venture capital arm and Pantera Capital.
Bakkt also noted in the announcement that the company is working with United States regulators — namely the Commodity Futures Trading Commission (CFTC) — to obtain “regulatory approval for physically delivered and warehoused bitcoin,” adding:
“We have filed our applications and the timing for approval is now based on the regulatory review process.”
Also today, ICE separately announced in a notice that the firm “expects to provide an updated launch timeline in early 2019, for the trading, clearing and warehousing of the Bakkt Bitcoin (USD) Daily Futures Contract.” In late November, the long-awaited digital assets platform stated that it was targeting Jan. 24, 2019 as a launch date, pending CFTC approval.
Multiple experts and commentators in the crypto and blockchain industry have pointed to Bakkt’s coming launch as a major factor that will help crypto markets rebound from this year’s ongoing bear market.