Bakkt Raises $182.5M in First Round of Fundraising, BTC Futures Awaits CFTC’s ‘Green Light’

Bakkt, the Intercontinental Exchange’s (ICE) forthcoming cryptoasset trading platform, has embossed around $182.5 million from several investors. The money will be used in creating and developing the institutional-grade regulated cryptoasset exchange, warehousing and clearing services for storage and physical delivery. The firm now hopes to give an updated timeline on rolling out Bitcoin (BTC) day-to-day futures contracts early this year.

The crypto subsidiary of the parent of the NYSE: ICE declared that it finished the first round of funding. Among the investors include; protocol ventures, Galaxy Digital, ICE, Boston Consulting group, Alan Howard, Payu, Microsoft’s venture capital arm, Pantera Capital, Horizons Ventures, Fintech arm of Naspers, Goldfinch and M12.   

“I am pleased to ratify that we have finished our first round of funding of $182.5 million from 12 partners and investors who, like us, believe in the future of cryptos,” noted Bakkt CEO Kelly Loeffler. “Our work today is centred on driving institutional access for cryptos, along with merchant and client uses, and we’re already thriving on this vision, working closely with great firms such as Starbucks in these efforts.”   

Waiting for the Green Light   

In October 2018, ICE declared that the Bakkt BTC Daily Futures Contract would begin trading on Wednesday, December 12, 2018. Unfortunately, this didn’t occur and now the date has been scheduled for Thursday, January 24 of this year. ICE’s BTC futures trading platform also delayed its formal launch until January 24, 2019, according to the report by Coinidol.   

Currently, ICE appears to have recognised this target date is more than likely not be met once again, as it proclaimed it now wants to give an updated rollout timeline early this year. The Bakkt team has purportedly been collaborating with the Commodity Futures Trading Commission (CFTC) to come out with the required approval.   

“At an industry level, regulatory approval for physically delivered and warehoused BTC will launch and blow up the voice of U.S. authorities as the crypto market evolves throughout the world. We have filed our applications and the timing for approval is now based on the regulatory review process,” elaborated Kelly. “Clearing companies and clients have continued to join us as we work toward CFTC approval. We made significant progress in Dec 2018, and we’ll continue to onboard clients as we await the ‘green light.”