The much Hyped Bitcoin startup, Bakkt, Raises $182.5 million in Funding

Digital assets platform Bakkt has raised $182.5 million from 12 partners and investors in the first round of funding, according to the latest announcement.

Bakkt is a company launched by Intercontinental Exchange (ICE), creator of the New York Stock Exchange (NYSE). Bakkt was formed to offer a federally regulated Bitcoin market or digital assets and turn bitcoin into globally trusted currency. Bitcoin is considered to be the most liquid digital/cryptocurrency. Bakkt is developing an open technology to connect the existing market and merchant infrastructure to the blockchain and planning to leverage Microsoft cloud solutions to create an open and regulated, global ecosystem for digital assets.

Bakkt is working with United States regulators such as Commodity Futures Trading Commission (CFTC) for futures contracts in bitcoin that are physically delivered. Each futures contract calls for delivery of one bitcoin held in Bakkt Warehouse. It will trade in U.S. dollar terms. For the trading purpose, there will be only one daily contract listed for each Business Day.

The Bakkt ecosystem is expected to include federally regulated markets and warehousing along with merchant and consumer applications.

In an announcement, CEO of Bakkt, Kelly Loeffler, said, "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. 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."

In another announcement, CEO of Bakkt, Kelly Loeffler, stated that Bakkt is targeting its contract launch on January 24, 2019, for trading.

Read more about Bakkt here.