Cryptocurrency Platform Company Bakkt Raises $182.5 Million

By Annie Baker ● January 5, 2019

Bakkt, a cryptocurrency trading platform, has raised $182.5 million from a number of investors. With this funding, the company will develop an institutional-grade regulated crypto exchange, clearing, and warehousing service for physical delivery and storage. Bakkt is a digital assets subsidiary of Intercontinental Exchange — which is known as the parent company of the New York Stock Exchange.

Investors in this round include Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, M12 (Microsoft), Pantera Capital, Payu (Naspers), and Protocol Ventures.

In October, Intercontinental Exchange said that the Bakkt Bitcoin Daily Futures Contract would begin trading on December 12, 2018, and then the date has been pushed to January 24, 2019. But now it is unknown when this service will become available as the company said it would provide an update later on. Bakkt has been working closely with the Commodity Futures Trading Commission (CFTC) to get approval.

“At Bakkt, we’re focused on the work required, both near- and long-term, to evolve the applications for digital assets. Market quality, regulation, scale, security and utility are critical for establishing a strong foundation where innovation can flourish,” wrote Bakkt CEO Kelly Loeffle in a blog post. “Our first step is to establish the trust and infrastructure that builds confidence and grows participation at the institutional and merchant level. This is work that needs to be done, and we are excited to be part of this effort on a global scale as 2019 begins.”

Some of the companies that Bakkt has partnered with to enable consumers and institutions to buy, sell, store, and spend digital assets on a global network include BCG, Microsoft, and Starbucks.