Bakkt announced it has completed its first round of funding of $182.5 million from 12 partners and investors. The partners and investors in the first round include Boston Consulting Group, Microsoft’s venture capital arm and Intercontintental Exchange, which is also an infrastructure and technology backer for the platform.
“Our team has been working closely with the Commodity Futures Trading Commission for the better part of 2018. At an industry level, regulatory approval for physically delivered and warehoused bitcoin will establish and amplify the voice of US authorities as the digital asset market evolves globally. We have filed our applications and the timing for approval is now based on the regulatory review process,” wrote Bakkt’s CEO Kelly Loeffler in a company blog, adding that clearing firms and customers have continued to join Bakkt as it works toward CFTC approval.
“Market quality, regulation, scale, security and utility are critical for establishing a strong foundation where innovation can flourish. Our first step is to establish the trust and infrastructure that builds confidence and grows participation at the institutional and merchant level,” she wrote.