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Borrowing a leaf from Kelly Loeffler, CEO of Bakkt, I am pleased to report to you that funding for the much-anticipated institutional grade regulated exchange has been completed and the project is ready to be launched.
2018 was indeed an eventful year in the world of cryptocurrency; it saw many milestones achieved, many institutions incorporated into the industry, and some big and exciting collaborations. To cap the events of the year, Loeffler took to Bakkt’s blog to announce the successful completion of the crypto startup’s fundraising which totaled a sum of $182.5 million. Hopefully, it will be worth the wait after all.
Loeffler took the time to acknowledge those who played a role or two in the success of the project. The partners and investors working behind the scene to make this dream a reality include Eagle Seven, PayU, Boston Consulting Group, Protocol Ventures, CMT Digital, Alan Howard, Microsoft’s venture capital arm, Galaxy Digital, Horizons Ventures, the fintech arm of Naspers, Goldfinch Partners, and, of course, their parent company – Intercontinental Exchange.
Bakkt is a global blockchain-based platform backed by a major industry player – Intercontinental Exchange (ICE), also known as the parent company of the New York Stock Exchange (NYSE). According to Loeffler, the project is focused on promoting institutional access to digital assets together with merchant and consumer uses. To create the industry’s first institutional grade regulated exchange, clearing and warehousing services for physical delivery and storage, Bakkt has been working hand-in-hand with the US Commodity Futures Trading Commission (CFTC) and the startup is yet to get the ‘green light’ to launch the project.
As of Nov. 2018, the company scheduled the launch to hold as early as January 24, 2019; but the launch date has been postponed further due to some hiccups in the ‘green light’ signaling. The new date is yet to be announced as at the time of compiling this article, but Loeffler noted that the new date will be announced in the early days of January 2019. Loeffler reminded her eagerly-waiting audience that good things take some time to grow.
She stressed that the scatter diagram of the growth of any product is almost never linear. Instead, it is filled with curves of innovation, dismissal, reinvention, and eventually acceptance. This is the path that the ongoing project seems to follow. Loeffler pleads with the general public to be patient through the challenging stages.
Starting off the year with such a huge project is a big hit for the crypto market. We hope they get the ‘green light’ as soon as possible.