Intercontinental Exchange’s upcoming cryptocurrency trading platform, Bakkt, has raised $182.5 million from a dozen investors. The funds will help develop an institutional-grade regulated crypto exchange, clearing and warehousing services for physical delivery and storage. The company now expects to provide an updated timeline on launching bitcoin daily futures contracts in early 2019.
Bakkt Raises $182.5 Million
Bakkt, the digital assets subsidiary of the parent of the New York Stock Exchange , Intercontinental Exchange (NYSE: ICE), has announced it’s completed a first round of funding. The investors 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.
“I am pleased to confirm that we have completed our first round of funding of $182.5 million from 12 partners and investors who, like us, believe in the future of digital assets,” stated Bakkt CEO Kelly Loeffle. “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.”
Getting the Green Light in 2019
Back in October, Intercontinental Exchange announced that the Bakkt Bitcoin Daily Futures Contract would start trading on Dec. 12, 2018. This has not happened, and the date has been pushed back to Jan. 24, 2019. Today, ICE seems to have acknowledged this target date won’t be met again, as it announced it now “expects to provide an updated launch timeline in early 2019.” The Bakkt team has reportedly been working closely with the Commodity Futures Trading Commission (CFTC) to get the needed approval.
“At an industry level, regulatory approval for physically delivered and warehoused bitcoin will establish and amplify the voice of U.S. authorities as the digital asset market evolves globally. We have filed our applications and the timing for approval is now based on the regulatory review process,” explained Loeffler. “Clearing firms and customers have continued to join us as we work toward CFTC approval. We made great progress in December, and we’ll continue to onboard customers as we await the ‘green light.’”
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