ICE Announces Bakkt Partners
The Intercontinental Exchange (ICE) today has announced their partners and investors for their cryptocurrency exchange Bakkt.
Bakkt is set to be the world’s first physically settled Bitcoin futures exchange. And is probably one of the most anticipated launches of the year.
The idea behind the exchange is to create a safe space for both financial bodies and institutional investors to get into the cryptocurrency markets. Besides that, Bakkt is also focussing on merchant and consumer uses.
Kelly Loeffler, the CEO of ICE, announced today that they have twelve main investors and partners. And they include the likes of Boston Consulting Group, PayU, Protocol Ventures.
Kelly Loeffler announced that Boston Consulting Group, Protocol Ventures, CMT Digital, Eagle Seven, Galaxy Digital, Microsoft, Alan Howard, Horizons Venture, Goldfinch Partners, Pantera Capital and Naspers.
Of course one major chunk of the investment was footed by ICE itself.
Kelly Loeffler further added, “The Bakkt Bitcoin (USD) Daily Futures Contract is a physically-settled daily futures contract for bitcoin held in Bakkt Warehouse, and will be cleared by ICE Clear US, Inc. Each futures contract calls for delivery of one bitcoin held in Bakkt Warehouse, and will trade in U.S. dollar terms.”
She further added that, “We are focused on opportunities to provide new infrastructure, including the industry’s first institutional grade regulated exchange, clearing and warehousing services for physical delivery and storage.”
Successful First Round
As ICE finished its first round of fundraising, the cryptocurrency exchange Bakkt has had a good run this time around. They have managed to raise $182.5 million in this first round.
The idea that ICE was proposing with the launch of Bakkt was opening a “open and regulated, global ecosystem for digital assets”. The exchange’s main aim is to provide the institutional investor a safe place to get into the cryptocurrency market.
Vote of Confidence
Bakkt apart from conducting an extremely successful first round, they have also gotten the vote of confidence from many of their investors.
Specifically the founder of Galaxy Digital who said that Bakkt could be a game-changer for the cryptocurrency market and community and increase adoption all over the world.
The CEO further added; “We have worked to build new markets and products many times before. Those of us building Bakkt have earned our stripes by helping advance markets in once-nascent asset classes, from energy to credit derivatives and, now, bitcoin. The path to developing new markets is rarely linear: progress tends to modulate between innovation, dismissal, reinvention, and, finally, acceptance.”
Bakkt also got its CFTC clearance today and that is a great progress for the company and the future of the Bakkt Exchange.
Kelly Loeffler has reiterated her and the company’s aim of making a global cryptocurrency exchange and making it inclusive for all parties.
Bakkt has also managed to strike up many partnerships with major retails giants like Starbucks, etc.
Being a world wide exchange, Bakkt has the makings of being a game-changer for the cryptocurrency market as a whole. There are a lot of hopes riding on the shoulders of Bakkt and by the looks of it, they will deliver.