Multi-Billionaire Li-Ka Shing Gets On Board with ICE’s Bakkt Crypto Trading Platform with Funding
Everyone in and around the crypto ecosystem has their eyes on Bakkt. Most analysts think that only an ETF by Bakkt can pull out cryptosphere from the year-long bear market.
On December 31, Bakkt announced that it was once again pushing back its launch date. Originally scheduled for November 2018, the launch of Bakkt was pushed back to January 24, 2019, in the fall. Then, on December 31, Bakkt delayed the project once again, rescheduling the launch date to “early 2019”. With Bakkt delayed once again it seems the crypto community will have to wait for the institutional crypto on-ramp of the future.
Although today we have good news. There is an old Chinese proverb which says “Patience pays you rich dividends.” This might be the case with Bakkt. There is news coming in from Hong-Kong that says billionaire Li Ka-Shing has joined other tech and venture capital heavyweights in supporting cryptocurrency venture Bakkt in its first funding round.
Li Ka-Shing is a Hong Kong business magnate, investor, and philanthropist. As of January 2018, Li is the 23rd richest person in the world, with an estimated net worth of US$37.7 billion. Li was one of the most influential entrepreneurs in Asia, presiding over a business empire with a diverse portfolio of businesses from a wide array of industries, including transportation, real estate, financial services, retail, and energy and utilities.
Other investors in the crypto startups include ICE, Boston Consulting Group, Microsoft’s venture capital arm M12, Naspers’ fintech company PayU, and Li Ka-Shing's Horizons Ventures. Also joining the Bakkt fundraising were CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Pantera Capital, and Protocol Ventures.
The physically delivered bitcoin futures contract will be stored and released through ICE’s US-based futures exchange, distinguished from those currently granted on rival exchanges CME and CBOE, which are finally resolved in fiat currency. In the case of the Bakkt, traders will receive a payout in bitcoin at the end of the contract’s lifespan if the trader is on the winning side of the bet.
When launched, Bakkt is expected to be an effective institutional on-ramp for cryptocurrency investors. Billions of dollars of institutional capital are sitting on the sidelines of the crypto space, just waiting for a company like Bakkt to launch. The so-called “Bakkt boost” is anticipated to propel the crypto community into the next bull market.