Chinese Billionaire Li Ka-Shing backs an upcoming crypto exchange


One of Asia’s richest businessman Li Ka-Shing is backing an upcoming crypto exchange. Mr. Li, who is 90 years old and currently one of the richest men in the world with a net worth in access of $34 billion, has invested in NYSE’s upcoming Bakkt platform through his investment firm Horizon Ventures.

When Bakkt announced that it has raised a round of $182 million last week, Horizon Ventures was also among the companies that were appearing in its list of investors. With this, the number of prominent names associated with Bakkt has got a new entrant. We already know that it has got the support of Microsoft as well as Starbucks, and now the entry of Li Ka-shing opens a new pool of opportunities before this platform.

For those that aren’t aware of the Bakkt situation, you can read our article for an overview here.

Bakkt is expected to launch within this quarter of the year and it will allow people to trade physically settled Bitcoin futures, which is being considered as a game changer. Intercontinental Exchange (or ICE, the company that also runs New York Stock Exchange or NYSE), the US-based giant behind this platform, plans to launch the exchange sometime in the end of January or beginning of February.

Not Mr. Li’s first bet on cryptocurrency

Even though this investment is considered to be big and new news, however this isn’t the first time Mr. Li invested in a cryptocurrency company.

He has also invested already in crypto payments processor Bitpay and blockchain technology provider Blockstream. While his Bitpay investment was done way back in 2013, in Blockstream he had invested in 2016. So while he is one of those rarest billionaires who believed in Bitcoin early on, his Bakkt investment proves that he has not lost faith in Bitcoin even after the recent bear market.

 


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Edith Muth

Edith Yue is CryptoMeNow's analyst. She loves to do intensive research on how blockchain will make an impact in our society. You can contact Edith at Edith@cryptomenow.com

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