Bakkt Raises more than $180M in First Round of Funding

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Intercontinental Exchange’s Bakkt has recently raised around $182.5 Million from 12 partners for future development.

Bakkt – is designed to enable consumers and institutions to buy, sell, store and spend digital assets seamlessly. Formed with the purpose of bringing trust, efficiency, and commerce to digital assets. Bakkt seeks to develop open technology to connect the existing market and merchant infrastructure to the blockchain.

The partners and investors in the first round include Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, Microsoft’s venture capital arm, M12, Pantera Capital, PayU, the fintech arm of Naspers, and Protocol Ventures.

The funds secured in this round is for focusing on driving institutional access for digital assets, along with merchant and consumer uses along with being 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.

Though Bakkt has said that they will open the gates on 24th January 2019, it is better to keep in mind that, the date is only valid based on the CFTC’s approval.

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CFTC or Commodity Futures Trading Commission is an independent agency of the US government created in 1974, that regulates futures and options markets. Unless Bakkt’s operations are approved by CFTC, we may see another future date. Thus, prepare for the worst and hope for the best.

Do you think that CFTC will approve Bakkt this time? Share your thoughts with us in the comment section below!

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Published by Shebin John

An engineer by Profession, Marketer by Choice and Investor by Passion. Computer Science Engineer who loves to spend time learning new things, technologies, and frameworks.