Bakkt Bitcoin Trading Platform Gives Clear Goal Vision: “Take Crypto Assets into the Mainstream”
ICE developed Bakkt, a cryptocurrency platform specifically designed for institutional investors in the market. The main intention is to allow companies and mainstream investors to enter the virtual currency market. Currently, there are just a few institutional-grade platforms that allow a few investors to participate in this market.
Our vision is to bring digital assets into the mainstream by enabling efficient transactions between consumers and merchants
— Bakkt (@Bakkt) January 15, 2019
The launch had previously been set for January 24, 2019. However, it will have to be amended pursuant to the CFTC’s process and timeline. The company wrote that following consultation with the Commodity Futures Trading Commission (CFTC), the ICE is expected to provide a new updated launch timeline in early 2019 ‘for the trading, clearing, and warehousing of the Bakkt Bitcoin (USD) Daily Futures Contract.’
To end 2018, Bakkt announced the completion of first round of funding, raising $182.5 million from 12 partners and investors including Microsoft, Galaxy Digital and PayU. Bakkt CEO Kelly Loeffler wrote in a blog post that the startup was closely working with the US Commodity Futures Trading Commission(CFTC) to have its physically settled Bitcoin futures approved in early 2019,
“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.”
Some of those investors for the Bakkt round included Boston Consulting Group, Galaxy Digital, Goldfinch Partners, ICE, M12, Pantera Capital, and Protocol Ventures.
Earlier this week BitcoinExchangeGuide had reported that Bakkt entered into an agreement to acquire certain assets of Rosenthal Collins Group (RCG), an independent futures commission merchant that has around 100 years operating in the market. This acquisition confirms that the crypto trading company is working hard in order to streamline consumer payments using digital currencies.