Cryptocurrency & Blockchain Business
Joji Xavier

ICE’s Crypto Exchange Startup Bakkt Raises $182 Mln

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Bakkt, the crypto currency exchange startup owned by Intercontinental Exchange (ICE), raised $182.5 million to build its global digital assets platform and bitcoin futures product.

Baktt CEO Kelly Loeffler said the company completed its first round of funding from 12 partners and investors, which included Boston Consulting Group, Galaxy Digital, Goldfinch Partners, ICE, Pantera Capital, Protocol Ventures and M12, which is Microsoft’s venture capital fund.

Baktt is already collaborating with companies like Starbucks.

The company is awaiting approval from the Commodity Futures Trading Commission for the trading, clearing and warehousing of the Bakkt Bitcoin (USD) Daily Futures Contract.

Once CFTC grants it a regulatory approval, Baktt will become the industry’s first institutional grade regulated exchange.

In a separate announcement Monday, Bakkt’s parent firm ICE Futures U.S., Inc. disclosed that its planned bitcoin futures market has been delayed again.

“Following consultation with the Commodity Futures Trading Commission, ICE expects to provide an updated launch timeline in early 2019, for the trading, clearing and warehousing of the Bakkt Bitcoin (USD) Daily Futures Contract,” ICE said in a statement.

The launch had previously been set for January 24, but it will be amended pursuant to the CFTC’s process and timeline.

The Bakkt Bitcoin Daily Futures Contract is a physically-settled daily futures contract for bitcoin held in Bakkt Warehouse, and will be cleared by ICE Clear US, Inc. Each futures contract calls for delivery of one bitcoin held in Bakkt Warehouse, and will trade in U.S. dollar terms. One daily contract will be listed for trading each exchange business day.

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