Bakkt announced on December 31 that they have completed the first funding round that targeted to raise $182.5 million. The funding was made possible by 12 partners that believe in the future of cryptocurrencies and digital assets.
The investors of the first round include Protocol Ventures, Boston Consulting Group, PayU, CMT Digital, Pantera Capital, Eagle Seven, and Microsoft’s venture capital arm, M12, Galaxy Digital, Intercontinental Exchange, Goldfinch Partners, Horizons Ventures, and Alan Howard.
Bakkt CEO Kelly Loeffler proudly expressed:
“I am pleased to confirm that we have completed our first round of funding of $182.5 million from 12 partners and investors who, like us, believe in the future of digital assets.”
Bakkt primarily focuses on driving institutional access for digital assets, together with the merchant and consumer uses. Moreover, they are expanding on their original vision working together with major companies like Starbucks in these efforts. Their 2019 efforts will focus on opportunities to create new infrastructure that include the industry’s first institutional grade regulated exchange.
They also plan to expand their services to the clearing and warehousing services for physical delivery and storage as confirmed by the COO Adam White . For most of 2018, the Bakkt team has been working in collaboration with the Commodity Futures Trading Commission. The regulatory approval for physically delivered and warehoused bitcoin will enhance the voice of American authorities and regulators while the digital asset market evolves worldwide.
Bakkt have filed applications and the approval timing is subject to the regulatory review process and the ongoing work with the CFTC is evident . Clearing firms and customers are joining in since the ‘green light’ is imminent. The new platform is meant to advance the markets and create many new ones in the cryptocurrency world.
The method of creating new market oscillates between innovation, dismissal, reinvention, and, finally, acceptance. Each of these steps ultimately enhances and strengthens the end product. Just like the bonds and commodities have evolved into electronic trading, bitcoin and other cryptos will eventually be acknowledged and accepted as legal and regulated investment assets.
2018 has gone on record as the most active year for the crypto in their ten-year history so far. The increased investment in distributed ledger technology and digital assets and an elevated level of blockchain network metrics like BTC active addresses and transaction value show that the new technology market is thriving.
But, all these developments have been overshadowed by bitcoin’s price that has been sliding in the whole of 2018 losing up to 75% of value from its December 2017 peaks. Some analysts seem to consider the bitcoin price as a proxy for the potential of the blockchain technology.
The previous major technology shifts never developed with the real-time scrutiny that features digital headlines and tweets. Although extensive access to information as technology innovation happens is tremendously important, the risk is a “marking to market” of innovations even before they bud to maturity. Countable innovations have achieved optimal potential in their first 10 years of development.
Work must be done
Bakkt majorly focuses on the work necessary for growth in the short- and long-term which mainly includes evolving the applications for digital assets. Market scale, regulation, security, quality, and utility are essential for creating a strong foundation where all types of innovation can thrive.
Bakkt has said that they aim to start with establishing trust and infrastructure that creates, enhances, and grows participation at the merchant and institutional level. That is work that must be done to propel the crypto markets to the next level and the company is thrilled to join hands with various partners to make it happen globally.
The official launch date of Bakkt platform is January 24, 2019.
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The post Bakkt Confirmed: the First Round of Funding of $182.5 Million Completed appeared first on Cryptovibes.com – Daily Cryptocurrency News .
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