ICE Developed Crypto Exchange Bakkt Raises $182.5 million

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Bakkt

Bakkt, the cryptocurrency project started by The Intercontinental Exchange’s (ICE) has confirmed raising $182.5 million in equity. The capital infusion has come from a number of top institutional investors who infused the capital on the New Year's Eve. Notably, ICE is the parent company of New York Stock Exchange a well.

The backers include Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, Microsoft’s venture capital arm M12, Pantera Capital, PayU, the fintech arm of Naspers, and Protocol Ventures.

Kelly Loeffler, the CEO of the company commenting on the deal said, “Our work today is cantered on driving institutional access for digital assets, along with merchant and consumer uses, and we’re already expanding on this vision, collaborating with great companies like Starbucks in these efforts."  Loeffler also serves as chief communications and marketing officer of the company.

Bakkt has partnered with the likes of Microsoft and Starbucks for their offerings. Microsoft will help Bakkt in cloud infrastructure while Starbucks will develop “practical, trusted and regulated applications for consumers to convert their digital assets into U.S. dollars for use at Starbucks. The company also made hiring when it got former Vantiv vice-president Balaji Devarasetty on board.

While the crypto industry saw a number of companies failing to continue the progress, the industry has seen a significant amount of VC investment in 2018. The industry saw a total of about $2.2 billion of capital investment in the Bitcoin and blockchain technology.

 

Image Courtesy : medium

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