Intercontinental Exchange To Put $20 Mln In Bakkt Crypto Platform
Intercontinental Exchange (ICE), the operator of the New York Stock Exchange, is going to put from $20 to $25 million in its regulated crypto platform Bakkt till the end of the year. This was stated by ICE financial director Scott Hill, CoinDesk reports.
He noted that this sum was already budgeted for 2019. Jeff Sprecher, the head of the company, called Bakkt a product not typical for ICE, which, however, drew attention of many large investors.
In January, Bakkt, a regulated platform for trading bitcoin futures, raised about $182 million of investors' funds in the first round of financing. 12 large corporations participated in it, including Microsoft, Galaxy Digital, Pantera Capital.
Sprecher hopes to hold the next fundraising rounds in future. Bakkt is now a legally separate company, with ICE as the main investor in it.
Launch of the platform has been postponed two times already, and at the moment the startup is trying to get approval from the Commodity Futures Trading Commission. Initially, the regulated platform was supposed to open in December 2018, providing traders with its bitcoin futures market and custody services. Jeff Sprecher only said that the platform would start its work later this year.
Kelly Loeffler, the head of Bakkt, noted that the path of the new markets exploration cannot be smooth, but this will not stop the company from achieving its goal. She also added that the cryptocurrency market collapse did not affect the platform’s growth.
Previously, Bakkt acquired assets of a futures broker RCG.