Highly awaited cryptocurrency platform run by the International Exchange (ICE), has just fully completed its first accession of assets.
According to a statement from the company, the process was completed by the assets in a commission business merchant known as the Rosenthal Collins Group (RCG). The announcement also said that
“with today’s closing of our transaction with Rosenthal Collins Group, we welcome great new team members to Bakkt.”
The company also explained that the acquisition of RCG with its
“remarkable heritage, culture and expertise will help us build out a trusted institutional infrastructure for digital assets.”
More About The Acquisition
The accession of assets in RCG was originally announced sometime in January by Bakkt. At the time, it was explained by the CEO – Kelly Loeffler – that Bakkt would be decelerating its services a little as it had to receive approval from the United States Commodity Futures Trading Commission (CFTC).
Kelly Loeffler is also very optimistic about the accession as she believes that it will positively impact some of Bakkt’s services and operations including risk management and treasury. Bakkt also has Anti-Money Laundering (AML) and Know Your Customer (KYC) guidelines that Loeffler hopes the acquisition will progressively influence.
Bakkt was first revealed in August of 2018 by ICE and by the end of that year, it was also announced that it would kick off its Bitcoin Daily Futures Contract in compliance with the positive nod of the CFTC.
The International Exchange (ICE) recently had its earnings call for the fourth quarter of 2018. In the course of the call, the Chief Financial Officer of ICE, Scott Hill, spoke about Bakkt and said ICE’s financial backing of the trading platform is expected to
“generate $20 million to $25 million of expense based upon the run rate in the first quarter.”