[2019-03-24]Cryptocurrency Firm Bakkt Earns a $740M Valuation in Series A Fundin

[Vladdirescu87]

Cryptocurrency Firm Bakkt Earns a $740M Valuation in Series A Funding

Bakkt – owned by Intercontinental Exchange (ICE) has netted a $740 million valuation after raising more than $182 million in a Series A funding round in 2018, according to The Block, the crypto news outlet. The company sold over ¼ of its shares to investors to hit the current valuation.

This bullish valuation pre-launch surfaces as the U.S’ regulatory system related to digital currency products remains indeterminate across the board.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/cryptocurrency-firm-bakkt/

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[btyco]

Crypto is simply waiting for either an ETF or bakkt to lift it,when bakkt is released we son't need to wait anymore. The valuation is coming right in a bear market so it could be higher next year

[Kemarit]

They introduced Bakkt way back in August of 2018, and it's like seven months already and up to know we still don't know that decision of CTFC. They could even released a valuation of $1 Billion, but it doesn't really mean a thing of CTFC will not approved their application. Personally though, I just grew tired of all of this ETF and Bakkt applications that I just got this "que sera sera" attitude.

[gentlemand]

I find it amazing that after all these years tech and finance, let alone crypto, still hasn't bothered to award valuations that have any approximation to real life.

If you were a tractor factory you'd have to be churning out hundreds of thousands of multiple ton lumps of pig iron and be making a significant profit on each one to get anywhere near that valuation. In unicorn land all you have to do is drop a few buzzy words and sod all else and the money runs into your pocket.

They don't really have a product, they're not approved yet, no one knows how ready they are, who's working for them or how much custom they'll get. Weirdorama.

21.co took $100 million and delivered a tinkered Raspberry Pi that probably cost the backers $500,000 each.

[1Referee]

Personally though, I just grew tired of all of this ETF and Bakkt applications that I just got this "que sera sera" attitude.

I think the main problem here is the hype behind Bakkt, which they themselves contribute to by throwing around with potential launch dates. It makes zero sense to say 'we'll launch somewhere in April' when you know that the CFTC doesn't prioritize Bakkt, especially when Bakkt keeps adding new things to their proposal that require even more review time.

If the CFTC takes its time, this approval could even be pushed to somewhere in 2020, which wouldn't be that bad to be honest. It might be that Bakkt actually prefers to not launch right now due to the bear market. Launching in a market that's trending up is so much better for their platform, and the block halving might help fueling the bullish sentiment they are looking for.

Just think about it, who's going to bother with Bakkt or anything related to crypto in a bear market?

[elda34b]

Just think about it, who's going to bother with Bakkt or anything related to crypto in a bear market?

IMO most of retail investors or investor in general is very hyped about Bakkt, and the sentiment has become more 'bullish' atm. I've seen lots of TG channel or group posting more and more positive sentiment even though there are some who boldly say that Bitcoin will touch new low etc.

If Bakkt launch at this moment, I still believe we can see some quick surge, but not crazy enough to touch a new high.

[Kakmakr]

Bakkt investors must know something that we do not know to invest that kind of money into something that has not been approved by the SEC yet. Yes, it might give Bitcoin's price a good boost when the SEC approve the Bakkt application, but they have been stalling this decision for months now, so most people has given up on the idea that this is ever going to materialize.

I personally think Bakkt is going to do more harm than good, because institutional investors will have huge pockets to manipulate the Bitcoin price. 

[BitHodler]

Just think about it, who's going to bother with Bakkt or anything related to crypto in a bear market?

Bakkt (if they manage to get an approval, which I don't believe they will in their current coin backed form) will generate some attention and volume when they launch, but that's purely market makers doing their thing.

I seriously doubt Bakkt will be an important price booster with how high people's expectations are. Building up a clientele and generating actual (non market maker) volume will take years, and who knows where we are by that time.

Nasdaq is planning to do the same, but they haven't been as loud in the media. Competition will be fierce because it's only a matter of time before we see more players offer the same financial instruments.

Being first mover will hold some weight, but who is going to be that first mover?