Bakkt Raises $182.5 Million but Its Launch Date Remains Uncertain


Intercontinental¬†Exchange’s¬†(ICE) crypto exchange subsidiary, Bakkt, has closed a $182.5 million funding round led by Microsoft’s venture capital arm, Boston Consulting Group and Pantera Capital.

According to the announcement, the injection of capital will further facilitate Bakkt’s mission to drive¬†institutional access for digital assets, along with merchant and consumer use cases.

As previously reported,¬†Bakkt’s physically-settled daily Bitcoin futures contract is close to receiving the green light from the Commodity Futures Trading Commission (CFTC). Once approved, the¬†public will have 30 days to weigh in with comments.

“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,” Bakkt CEO Kelly Loeffler said in the funding announcement.

Additionally, ICE confirmed today that Bakkt will miss its adjusted release date of January 24 and the company expects to provide an updated launch timeline in early 2019.

The fundraising round comes just weeks after Bakkt’s competitor,¬†ErisX, a new regulated crypto derivatives exchange that is planning to offer digital futures and spot trading, closed a $27.5 million Series B¬†¬†from major financial institutions and cryptocurrency companies, including Nasdaq¬†Ventures, Fidelity, ConsenSys and Bitmain.

CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, M12, PayU, the fintech arm of Naspers, and Protocol Ventures also participated in the round.

More: Launch Timeline for Bakkt’s Bitcoin Futures to Be Clarified Early 2019: ICE

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts