Bakkt Crypto Company Acquires Assets Of RCG Broker
The Bakkt crypto platform made a deal with a futures broker Rosenthal Collins Group (RCG) and became a holder of part of its assets, according to the blog.
One of the reasons for Bakkt to make the deal was the selling of all users' accounts to the leading exchange commodities broker Marex Spectron, declared by RCG at the end of 2018. Hence, the company has decided to acquire a part of the securities which will help in the platform development. Moreover, some RCG specialists will contribute to the Bakkt team.
The purchase of the futures broker’s assets will presumably be completed in February 2019. Kelly Loeffler, CEO of the crypto platform, stated that the acquisition will contribute towards better risk and financial management. Besides, the requirements of regulatory authorities will be fulfilled more profoundly, and the AML/KYC procedures' efficiency will improve.
All efforts of the Bakkt platform are focused on the universal adoption of cryptocurrencies in the society. It will take some time, and digital assets will gain global support, the company’s head added. According to Loeffler, the deal is the further evidence that the crypto platform doesn’t just wait for the US Commodity Futures Trading Commission’s (CFTC) approval of activity but is taking significant steps.
The Bakkt crypto company, owned by Intercontinental Exchange, awaits a work permit along with its bitcoin futures market and custodial services platform. As previously reported, Bakkt managed to raise over $180 million from 12 investors during the first financing round.