Bakkt, the New York Stock Exchange (NYSE) Parent Company Start-up has raised a staggering amount of $182 Million. The funds raised will go towards the process of building its own global digital assets platform as well as other Bitcoin futures products. As per a post on Medium by CEO Kelly Loeffler, this first round by Bakkt consisted of 12 partners. Intercontinental Exchange (ICE), the parent company of NYSE, owns this popular start-up of the cryptocurrency sector.
Some of the prominent names such as Galaxy Digital, Protocol Ventures, M12 (Microsoft’s VC fund), Goldfinch Partners, Boston Consulting Group, Pantera Capital and ICE, featured on the list of investors who took part in this funding round.
According to CEO Loeffler, “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.”
In a separate announcement that followed this news, Bakkt announced a further delay in the unveiling of its much talked about Bitcoin futures market. This announcement came after a warning from CoinDesk regarding such a postponing. As per the previous plan, the launch was supposed to take place on January 24. This is the second delay in the launch of Bitcoin futures market as the date was pushed to January 24 by CEO Loeffler in November, the original date of launch. In the event of this delay, the new inauguration date is yet to be announced.
The delay was attributed to the ongoing talks with the U.S. Commodity Futures Trading Commission. While the company is hopeful that a new unveiling date will be declared soon, these delays could be testing the patience of Bitcoin holders, who had been looking forward to a state-of-the-art, revolutionary product to ease their turmoil of the slack in the crypto market. The fundraiser announcement is supposed to bring some much-needed relief for these patrons.
According to CEO Loeffler, Bakkt is fortunate to be built with a team constituting of industry veterans from other upcoming financial markets. She said, “The path to developing new markets is rarely linear: progress tends to modulate between innovation, dismissal, reinvention and, finally, acceptance.”
While CEO Loeffler acknowledged that the delay might be hampering their progress, she justified it by writing, “While access to information as technology innovation occurs is extremely valuable, the risk is a ‘marking to market’ of innovations before they have a chance to mature. Few innovations reached their full potential in their first decade of development.”
While there were no more comments on these developments from Bakkt, Pantera Capital partner Paul Veradittakit told CoinDesk that “Pantera is excited to support Bakkt in its journey to provided needed infrastructure for both institutional and retail investors.” He further added that “Regulated physically settled Bitcoin futures is the first step of many to bring more regulated and ease of access to cryptocurrencies.”