by Alexander Romero
Bakkt should open in 2019 raising $182 Million!
Bakkt has raised $182.5 million in a first round involving Microsoft, Starbucks, ICE, Horizons Ventures, among other major industries.
Bakkt is a platform aimed at enabling access to Bitcoin for institutional investors.
This platform seeks to have the approval of the authorities and ensures its users an economic support in case of hacking.
With these strategies, Bakkt builds a bridge between cryptocurrencies and investors seeking security and legality.
Microsoft And Starbucks Invest In Bakkt.
There are 12 partners that have contributed resources to achieve this project, as they believe in digital assets, including: Intercontinental Exchange, Microsoft’s Venture Capital Arm, Fintech Arm, Digital Galaxy, Horizons Ventures, Starbucks, among other companies.
Thanks to this collaboration, $182.5 million dollars have been raised and it was supposed to start operations on January 24, 2019, as long as the authorities grant the license that is in process.
As the CFTC did not approve the Bakkt Platform yet, Bakkt has been delayed until further notice in 2019.
The Bakkt team has been working closely with the government entity in charge of approving futures trading in the United States: Commodity Futures Trading Commission (CFTC).
Throughout 2018 we worked so that Bakkt can operate with all of the law and thus, the intentions of ICE to enlist Bitcoin in Bakkt to exchange in USD can become a reality.
However, the results are delaying and the CFTC has limited the amount of Bitcoin that the Exchange can sustain for a client. Definitely, it has not been an easy road, as Kelly Loeffler, CEO of Bakkt, says.
The largest financial companies will have access to Bitcoin.
Bakkt’s goal is to clear the way for major financial companies to have access to Bitcoin, says Kelly Loeffler, CEO of Bakkt in a statement.
“Our work today is focused on bringing institutional access to digital assets, along with commercial and consumer uses.” Says Kelly Loeffler, CEO of Bakkt.
Kelly talks about how the progress of digital technology is oscillating between innovation, destitution, reinvention and acceptance.
New technologies usually take a while to achieve widespread acceptance.
Every time a team invents something new, it faces adversities and also discoveries that always end up strengthening the product.
Despite the difficulties, the Bakkt project is close to seeing the light. It has characteristics that other Exchanges do not have, for example, it assures its users that in the case of a hack, their funds will be reimbursed, a quality that very few Cripto Exchanges have.
In addition, Nasdaq is also planning to include Bitcoin in its Stock.
Acceptance by cryptocurrencies is growing, they become more and more secure and regulated.
Many think that these integrations will give liquidity to the Bitcoin market.
Some years ago it was controversial to suggest that goods could be exchanged electronically through a screen.
Today is a reality.
So, along with the launch of the Fidelity Investments Bitcoin Platform in 2019, Bakkt should also bring new institutional investors into Bitcoin and cryptocurrencies.
Read our article about Fidelity Investments Bitcoin Platform launch:
https://bitcoincryptoadvice.com/fidelity-investments-nears-launch-of-cryptocurrency-trading-custody-platform-in-2019
