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Even though the US government imposed regulatory delays and hurdles, there is still exuberance for crypto Future products such as Bakkt launch. Recently, the chief executive, Jeffrey Sprecher shed some light on the Bakkt crypto project. The Intercontinental Exchange Chief (ICE) publicized its fourth-quarter earnings which beat some Wall Street predictions. Seeking Alpha ran a full transcript on the conference call in which he has referred Bakkt as a “Moonshot Bet”.
According to CFO Scott Hill, during 2018, a value of about a billion dollars was spent on strategic investments as well as Bakkt crypto futures project. Adding to this he further elaborated that Bakkt had raised over $180 million. The ICE and 12 other investors, partners including Fortress Investment Group and Susquehanna International Group helped to raise $180 Million. He further elaborated that
as we look to 2019 and beyond we’re excited about the opportunities that lie ahead, not only for our core business but also for newer initiatives, which includes Bakkt.
The launch delays were actually the fault of the US government shutdown by President Trump. This firm aims to create a crypto ecosystem to drive companies like Starbucks and Microsoft into the crypto industry. Sprecher also stated;
That infrastructure has attracted a lot of very, very interesting companies that have come — some that have invested in Bakkt, some are just working with Bakkt to try to tap into that infrastructure for some new use cases that will involve blockchain and digital assets and other things that we can provide these people. Obviously, we’ve announced the Starbucks — our work with Starbucks and Microsoft. We have very, very large retail franchises global connectivity to end users that we hope will be brought into that ecosystem and could create a very, very valuable company out of that initiative if our business plan plays out.
The Bakkt launch date is not yet confirmed, but probably this may be executed later this year. The Bakkt BTC(USD) Daily Future will be 1 BTC contract that may be physically delivered. Also, Bakkt announced the acquisition of assets from Rosenthal Collins Group the previous month. The ‘back office’ infrastructure is necessary to develop the crypto ecosystem. And it ensures full security as well as a trusted fintech solution to its customers.