The Massive Investment On the New Year’s Eve of 2019, US-based Cryptocurrency exchange Bakkt announced the completion of raising $182.5 million from a group of high profile investors and venture capital firms.
The firms and investors include Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, Microsoft’s venture capital arm, M12, Pantera Capital, PayU, the Fintech arm of Naspers, and Protocol Ventures. They invested in the company and sharing the same vision of Bakkt’s by driving institutional access for digital assets and providing support for merchants and consumer uses.
What is Bakkt
In August 2018, Bakkt’s parent company Intercontinental Exchange released a statement announcing its intention to use Microsoft’s cloud service Azure to “create an open and regulated, global ecosystem for digital assets.” According to Blockonomi, this new company, dubbed Bakkt, would start right off the bat with the inclusion of federally regulated markets and auxiliary services, like warehousing. It would even feature Bitcoin to fiat conversions, a feature that is rare on cryptocurrency exchanges and one of the major differentiator between market-movers and also-rans. In total, Bakkt expects to serve a digital marketplace that moves $270 billion per year.
Why invest in Bakkt?
First, Bakkt is a crypto platform operated by Intercontinental Exchange (ICE) It is a product of the same company that spawned the vaunted New York Stock Exchange,
Second, Bakkt will leverage Microsoft's cloud solutions to enable speculators to buy, sell, store, and spend cryptocurrencies on a global network.
Third, Bakkt plans to push its physical bitcoin futures contracts. It would launch physical one-day Bitcoin futures contracts. When the contracts expire, users will receive Bitcoins. This is different to the futures offered by CME Group and CBOE, which are both settled in US dollars.
Kelly Loffler, CEO of Bakkt, emphasized that 2018 was the most active year for crypto in its brief ten-year history. This was evidenced by rising investment in distributed ledger technology and digital assets, as well as by blockchain network metrics such as daily bitcoin transaction value and active addresses. Yet, these milestones tend to be overshadowed by the more narrow focus on bitcoin’s price, which has been seen by some, as a proxy for the potential of the technology.
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