One of the biggest news last year was the announcement made by the New York Stock Exchange’s parent company, Intercontinental Exchange. In August 2018, The firm announced that it would be venturing into the cryptocurrency space with the launch of a new company – Bakkt. This turned out to be an extremely bullish news in the extremely bearish market.
With the announcement of Bakkt, the parent company also stated that it would go live with the launch of physically delivered Bitcoin future and warehouse, along with bringing in the expertise of Microsoft, BCG, Starbucks, and other notable companies. Additionally, the physically delivered Bitcoin future contract would be traded ICE Futures US and ICE Clear US.
The company would not only bringing in regulation to the cryptocurrency market but also would be acting as a gateway for bringing in institutional investors to the cryptocurrency market.
Kelly Loeffler, the CEO of Bakkt had stated,
“Bakkt is designed to serve as a scalable on-ramp for institutional, merchants and consumer participation in digital assets by promoting greater efficiency, security, and utility. We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”
The firm had set its initial launch date to be November 2018, with the testing beginning in the same month and trading and warehousing service going live on December 12. This date was, however, postponed to January 24, 2019, subject to regulatory approval in November.
Following this – in December 2018 – the institutional venture announced the completion of its first round of funding, with the platform raising $182.5 million from 12 partners. The partner list included well-known companies such as Galaxy Digital, Boston Consultancy Group, PayU,