Bitcoin Futures Exchange Raises $182.5 Million from Microsoft, Bcg & Co.
Bakkt, the digital asset trading platform planned by the Intercontinental Exchange (ICE), has completed the first round of financing. Investors, including Microsoft and the Boston Consulting Group, are supporting the project with over $182 million. Bakkt wants to offer physically deposited Bitcoin futures, the first of its kind.
2019 could start for Bitcoin with a bang. The CEO of Bakkt Kelly Loeffler confirmed in a post on Medium that the ICE-initiated Bitcoin exchange Bakkt has so far collected $182.5 million from investors. Among the twelve donors include Microsoft, the Boston Consulting Group and Pantera Capital. They are working closely with the Commodity Futures Trading Commission (CFTC) to create a secure regulatory environment for Bitcoin futures, Loeffler said. The goal is to facilitate institutional entry into the crypto-space:
“Our work today is focused on promoting institutional access to digital assets, as well as merchant and consumer usage, and we’re already building that vision, working with big companies like Starbucks.”
Originally, the physically deposited Bitcoin Futures should be launched in December 2018. However, the date was with the vague justification moved. They wanted to offer a working product from the first day — what it needed further tests. Loeffler was aiming for the next appointment in November 24th, 2019. There was no talk of that in the post on the 31st of December. You may not want to get nailed to date again.
The last word is the CFTC
When the physically deposited Bitcoin futures come on the market, is now in the hands of the CFTC anyway. Bakkt has submitted all relevant applications. Experience has shown that regulatory mills are slowly grinding in the US as well. From the entry of institutional investors, many promises a fresh start for Bitcoin, which should help the crypto space to more legitimacy. Whether it is in the spirit of the institution-critical Bitcoin White Paper to facilitate this entry, however, must be provided with a thick question mark.
Author: Marko Vidrih
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