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ICE backed crypto exchange Bakkt confirms $182.5 million funding from 12 partners

ICE backed crypto exchange Bakkt confirms $182.5 million funding from 12 partners

Today, Kelly Loeffler, the CEO of Intercontinental Exchange supported bitcoin and cryptocurrency exchange Bakkt confirmed that the project has completed its first round of funding for $182.5 million from 12 partners and investors.

The partners and investors in the first round 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.

“Our work today is centered on driving institutional access for digital assets, along with merchant and consumer uses, and we’re already expanding on this vision, collaborating with great companies like Starbucks in these efforts. We’ll share details as the New Year unfolds, but as our COO Adam White and I work through Bakkt’s 2019 objectives, we are focused on opportunities to provide new infrastructure, including the industry’s first institutional grade regulated exchange, clearing and warehousing services for physical delivery and storage.”

Kelly Loeffler, Bakkt CEO

It was reported that the Bakkt team has been working closely with the Commodity Futures Trading Commission since announcing launch earlier in 2018. The exchange has filed applications, and now the timing for approval is based on the regulatory review process. Mr. Loeffler says that clearing firms and customers have continued to join as it works toward CFTC approval.

Bakkt is currently targeting January 24, 2019, for its initial launch.

Source:Bakkt

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