Crypto Project BakktFrom The NYSE Operator Brings In $182M
Bakkt is promising. Why are bitcoin miners viewing it as a potential threat to their existence? Read on the whole article.
Introducing The Cryptocurrency Project Bakkt
The cryptocurrency project Bakkt from the Intercontinental Exchange’s (ICE) had announced a $ 182.5 million equity round from a slew of notable institutional investors where it is an operator of many of the global exchanges that include the New York Stock Exchange while establishing in Bakkt and building the trading platform thereby enabling consumers and institutions to buy, sell, store and spend digital assets.
With initial institutional funding round, Bakkt was not a token sale and participating in the round are Horizons Ventures, Microsoft’s venture capital arm, Pantera Capital, Naspers fintech arm (PayU), Protocol Ventures, the Boston Consulting Group, the CMT Digital, as also Eagle Seven, the Galaxy Digital, along with withGoldfinch Partners and more.
Currently seeking regulatory approval Bakkt is launching one day physically delivering the Bitcoin futures contract along with physical warehousing as the initial plan by the start-up confirmed by an earlier CoinDesk report which was delaying the launch awaiting permission from the Commodity Futures Trading Commission and funding the crypto news blog called The Block Crypto reporting Bakkt has hired Balaji Devarasetty the former vice president at Vantiv as the head technology.
The Crypto Project Highlighted By ICE
The crypto project of ICE was announced and is led by CEO Kelly Loeffler who is ICE’s long-time chief of communications and marketing officer. As they were quickly finding the partnerships with Microsoft Bakkt also provides the cloud infrastructure to the service and Starbucks thereby developing practical trusted and regulated applications for consumers to convert their digital assets into the US dollars for use at Starbucks as said by the vice president of payments Maria Smith in a statement at the time.
This comes while the record amounts of the venture capital are invested in the industry many bitcoin start-ups are resulting of failed initial coin offerings with an inability to scale following periods of rapid growth and the falling price of Bitcoin. The VCs remain bullish on Bitcoin as the blockchain technology funneled a total of $ 2.2 billion in the US-based crypto projects nearly 4x increase year-over-year. The investment around the globe hit a high of $4.6 billion which is more than 4x increase according to PitchBook.
In its brief ten-year history Loeffler wrote that 2018 was notably the most active year for crypto which was evidenced by rising investment in distributed ledger technology and digital assets as well as by blockchain network metrics similar to the daily bitcoin transaction value and active addresses. These milestones are therefore tending to be overshadowed by the narrower focus on Bitcoin’s price as it is seen by some to be a proxy for the potential of the technology.
The Current Price Of The Cryptocurrency Compared To Bitcoin
The price of Bitcoin is today hovering around $3,700 after the historic run valuing the cryptocurrency at roughly $20,000 crashing the cause of many to dismiss Bitcoin and the underlying technology as others remained committed to the tech and the potential for complete financial disruption. Created in-house at a respected financial institution the project like Bakkt supports the noteworthy businesses which is a logical bet for crypto ad traditional private investors alike.
Adding to it Loeffler said the path developed new markets rarely linear: the progress tends to modulate between innovation, dismissal, reinvention, and finally acceptance with each step whether part of discovery or adversity is ultimately strengthening the product. It was controversial twenty years ago to suggest that commodities or bonds could, therefore, trade electronically on the screen with many steps required for that evolution to play out.
It is in this account that crypto is playing the leader of the team and therefore earning the much-needed investment profile. Adding to the portfolio is many other cryptocurrencies apart from Bakkt, and therefore it is considered to be the best of the lot adding to the bandwagon of investment portfolios.
We Are Ending The Discussion Here With Positive Vibes In Crypto World
The world is eyeing the crypto world to be much more interesting than the crypto project Bakkt. With Bakkt the NYSE aims to amass the investment of the tech-savvy as well as the non-techs. Here is the challenge where the developers of cryptocurrency find it difficult to ascertain the strength and safety and security of the investors.
Compared to Bitcoin, the Bakkt project comes to be more interesting and giving more in terms of returns. Hence, we suggest investing in it for the positive lifetime management of currencies. Coming to be a popular investment mode, there are more who intend to trust the currency mining as explained by the currency miners