On 31st December Bakkt announced that they were finally done with the first round of funding that had made an initial target of $182.5 million. This was facilitated by 12 partners who seem to be interested in the future of digital assets and cryptocurrencies.
This first round funding was done by several firms like 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 said:
“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‘s primary focus is on ensuring 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. 2018 shows the Bakkt team working alongside the Commodity Futures Trading Commission. Regulators have approved the warehousing and physical delivery of Bitcoin. This shall enhance the voice of American authorities and regulators while digital markets continue to evolve worldwide.
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.
Applications of been filed by Bakkt and are now being subject to review by regulators according to established processes. Clearing firms and customers are participating in this since a green light appears to be imminent. This new platform is intended to advance the existing market as well as create new cryptocurrency markets.
The process of creating a new market involves innovation dismissal reinvention and finally all of these are key to enhance and strengthen all of these are key to enhance and strengthen the final product. Just like trading in bonds and commodities has grown to include electronic trading Bitcoin and other crypto sell eventually be acknowledged and accepted as legal tender and are likely to be traded on financial markets. 2018 has been the most active yeur for cryptos yet. Increasing investment in distributed ledger technology and digital assets, as well as an enhanced level of blockchain network addresses and transaction value, show that this new market is doing well.
It must have ever be remembered that the price of Bitcoin has lived in value for the entirety of 2018. It is estimated to have lost up to 75% of its value from the peak it hit in December 2017. Some analysts consider the price of Bitcoin as a proxy for the potential of 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.
Bakkt is largely focused on the work necessary to induce growth in the short and long term. This mainly comprises evolving applications for digital assets. market scale security quality regulation and utility are also is essential for creating a strong basis for innovation.
Bakkt has declared that they are looking towards starting to establish trust and infrastructure that creates and improves participation at the merchant and institutional level. this work needs to be done to propel cryptomarkets to the logical next level and the company is extremely excited to join various partners in order to realise this dream globally.