On the 31st of December, 2018, the CEO of Bakkt named Kelly Loeffler, shared some news, announcing that Bakkt, which is a much-anticipated digital asset trading platform, successfully raised $182.5 million upon completing the first round of funding.
The participants in the first capital raise event of Bakkt
Bakkt is actually one of the most awaited entrants of the crypto markets. A lot of top names in venture capital attended the first capital raise event.
The money actually came from the partners, as well as investors that included those like Microsoft, Intercontinental Exchange, and Galaxy Digital.
Some other companies which also participated are Boston Consulting Group, Alan Howard, CMT Digital, M12, Pantera Capital, Goldfinch Partners, PayU, Protocol Ventures, and so on.
Loeffler noted that nowadays, their work is centered on driving institutional access for digital assets, together with merchant and consumer uses, and they are already expanding on this vision, collaborating with great companies such as Starbucks in these efforts.
What are the plans of Bakkt in 2019?
The CEO of Bakkt also mentioned how the COO of the company, named Adam White and she are working on the roadmap of the platform for 2019, and that includes offering the first institutional grade regulated exchanges of the emerging industry, and also clearing and warehousing services for physical storage and delivery. She said that they are going to share the details of their plans as the year unfolds.
She mentioned that their focus is going to be on finding opportunities for creating new infrastructure that is going to include the first institutional grade regulated exchange in the crypto industry.
To make sure that the services translate well into reality, the team of Bakkt was working closely with the U.S. CFTC or Commodity Futures Trading Commission.
The exchange platform has already filed for some regulatory approvals from the concerned government authorities. At the last week of this month, it will go live, which is also subject to required approvals.
Real industry’s milestones overshadowed by Bitcoin’s price movement
While 2018 proved to be the rollercoaster ride for cryptocurrencies generally, increased institutional investment in the sector was also one of the positive developments for it.
The blockchain technology saw colossal investment in 2018 from companies, as well as state authorities. But, the onus of people on the volatile price of cryptos looks like overshadowing the encouraging developments of the infant ecosystem.
Loeffler also talked about the history of Bakkt of working with once-nascent assets, noting that 2018 has been the busiest year for digital assets, and adding that the real milestones in the industry get overshadowed by the price movement of Bitcoin. She took the price of Bitcoin as the proxy for the potential of the technology.
Regarding digital assets, Loeffler also mentioned that most of the inventions do not reach their full potential in the first decade of their development. She said that Bakkt is going to work on creating a strong foundation to help innovation flourish.