ICE’s Crypto Trading Platform Raises $182.5M USD In First Funding Round

Investing, News | January 2, 2019 By:

Bakkt, a digital assets platform developed by the Intercontinental Exchange (ICE), has raised $182.5 million in its first funding round 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.

Bakkt was introduced by ICE, the parent company of the New York Stock Exchange (NYSE), earlier this year to bring digital assets to the mainstream and help unlock the potential of the technology. Bakkt has been working closely with the Commodity Futures Trading Commission (CFTC) for the better part of 2018 to provide new infrastructure, including the industry’s first institutional grade regulated exchange, clearing and warehousing services for physical delivery and storage.

“At an industry level, regulatory approval for physically delivered and warehoused bitcoin will establish and amplify the voice of US authorities as the digital asset market evolves globally,” Bakkt CEO Kelly Loeffle. “We have filed our applications and the timing for approval is now based on the regulatory review process.”

In a separate announcement, Bakkt said that it expects to provide an updated launch timeline in early 2019, for the trading, clearing and warehousing of the Bakkt Bitcoin (USD) Daily Futures Contract. The launch had previously been set for January 24, 2019, but will be amended pursuant to the CFTC’s process and timeline.

“Clearing firms and customers have continued to join us as we work toward CFTC approval,” said Loeffle. “We made great progress in December, and we’ll continue to onboard customers as we await the green light.”