Bakkt has announced that it has raised $182.5 million. The raised funds are to be used in the building of its global digital assets platform and its development of Bitcoin futures product.
New Opportunities For Bakkt
According to a post on the Medium, made by the firm’s chief executive Kelly Loeffler, the funding round was made possible through its cooperation with twelve of its partners. The ICE (Intercontinental Exchange), the New York Stock Exchange’s (NYSE) parent company, owns the crypto start-up. This was the first funding round held by the firm.
Of the twelve partners involved in the funding round included Protocol Ventures, Galaxy Digital, Pantera Capital, ICE, Boston Consulting Group, and Microsoft’s VC fund.
In her statement Loeffler stated that as a firm Bakkt was dedicated to the opportunities of building new infrastructures available. The statement pointed out among these was the opportunity to build the first regulated exchange, which would be the industry’s first, and establish clearing and warehouse services.
Further Delays In Launch Of Institutional Grade Product
In another announcement which was made on Monday, the firm revealed that it would be further delaying the launch of its Bitcoin futures market. Many players within the Crypto community had predicted that the launch would be delayed. The initial set date for the launch was the 24th of January; the firm is yet to announce an alternative date.
This is the second time the launch has been delayed with the chief executive having pushed the previous launch date to the 24th of January, which has now been postponed. The announcement of the first postponement was made in November, last year.
The released explained the reason for the postponement as being the consultations it was making with the U.S. Commodity Futures Trading Commission. The new launch date is expected to be announced early this year. With these delays having caused a lot of impatience on the part of Bitcoin holders looking for a reprieve against the tough current market, the new announcement called for a little patience. Many Bitcoin holders were depending on the anticipated institutional grade product to get some weight off the current bearish crypto market.
Bakkt Calls For Patience
Pointing out that the development team at Bakkt is largely comprised veterans from other financial markets, Loeffler stated that the development of new markets was no a linear process. She stated that the process goes through innovation, dismissal, reinvention and acceptance before the product could be launched.
She continued by saying that there were risks involved in rushing the process. Loeffler pointed out that although access of information during the process of technological innovation was important; the risk was marking to market the products before they had matured. She noted that few innovations which had taken this route had the opportunity to reach their full potential. Bakkt has not released any further statement to this end.
Paul Veradittakit, from Pantera Capital, has said that as a firm Pantera is delighted to partner with Bakkt in its aim to develop the necessary infrastructure for retail and institutional investors.