Bakkt has managed to raise $182.5 million from a select number of extremely wealthy investors and Venture Capital firms. The Bakkt Crypto exchange was created by the New York Stock Exchange’s parent company ICE. On 31st of December, the CEO of Bakkt – Kelly Loeffler announced that the investors share the company’s vision of driving institutional access for digital assets and also providing support for merchants.
There are quite a few big names among the Bakkt investors including CTM Digital, Boston Consulting Group, Horizons Ventures, Pantera Capital and many more. In her statement Loeffler said that:
“Now, more than ever, our work is focused on driving institutional access for digital assets together with merchant and consumer uses. We are already hard at work in expanding on this vision and we’re currently collaborating with many great companies like Starbucks in these efforts.”
The Bakkt Crypto exchange will grant institutional access to Digital Currencies
Loeffler did not appear concerned about the current Cryptocurrency Bear market. As the year ends, Bitcoin’s price is down almost 80% of its all-time high and this might not be the bottom yet. She believes that despite the Digital Currency price drop, the year has been the most active for the Crypto industry so far. According to her, that’s mainly due to the ongoing process of strengthening the infrastructure that supports this unique asset class.
Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.
— Bakkt (@Bakkt) September 25, 2018
December was very successful for the Bakkt Crypto exchange. The firm managed to secure a $182 million investment from Venture Capital and tech conglomerates. Loeffler emphasized that the price is by no means a reflection of the yearly accomplishments of companies within the Cryptocurrency ecosystem.
She stated:
“I believe 2018 was the most active year for Crypto out of the last ten. We can see the evidence for that everywhere, from the rapidly rising investment in Distributed Ledger Technology and Digital Assets to the increase of Bitcoin transaction value and active addresses. Unfortunately, these major accomplishments are dwarfed by only 1 simple factor, price. Most people who are uninformed view this as proxy for the technology’s potential.”
There is no doubt that the last year has seen major improvements in Bitcoin’s infrastructure. The overall liquidity of crypto assets has also increased and the Digital Currency sector will without a doubt, receive more institutional funding next year.
Bakkt is also working with giants like Microsoft and Starbucks. Their main goal is to tackle the lack of merchant adoption of Digital Currencies and assets.
January will also be an interesting month for Bakkt. According to some reports, the exchange might suffer delays with the Bakkt Bitcoin Futures market launch due to the United States’ government shutdown.
This situation has already been addressed by the exchange. An official statement guaranteed customers that there will be an update available on the situation as soon as more information becomes clear.
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