Bakkt Ends The Year with $182 Million in Funding


Bakkt has just announced its very first successful capital raise. The upcoming crypto trading platform, which is scheduled to release during January, closed its first round of funding from over 12 partners and investors.

Founded by the parent company of the New York Stock Exchange, this funding round shows growing interest among fintech venture capitalists are focusing on driving institutional access for digital assets, along with expanding merchant and consumer uses.

Those who participated in the first round of funding totaling $182.5 million included 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, according to the company’s press release.

Launching

During this month, the launch date was changed to January 24th, after a delay that revised the original date set for December. Although, It seems that the January date may also have been delayed simply due to holiday of the Commodity Future Trading Commissions which is set on a Monday and Tuesday as federal holidays, advancing the 30-day review period.

In it’s most recent update for the status for the release date, no specific launch date has been mentioned by Bakkt.

“Our team has been working closely with the Commodity Futures Trading Commission for the better part of 2018. 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.”

Intercontinental Exchange, the company’s founder plans to provide an update on the time line once 2019 comes around. It should explain when trading, clearing and warehousing of the Bakkt Bitcoin daily future contracts shall launch.

 

 


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Keith Wang

Keith Wang is a writer and programmer specializing in bitcoin and blockchain technology. Keith has been a long time believer of bitcoin and blockchain technology and spends his free time following up with blockchain news. You can contact Keith at keith@cryptomenow.com

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