Bakkt Keeps Moving
Despite the government shutdown reaching a historic duration, Bakkt has not been dissuaded from making progress. In an announcement made on January 14, Bakkt CEO, Kelly Loeffler, released details on the company’s first acquisition.
She stated, “…I’m pleased to share that we have entered into an agreement to acquire certain assets of Rosenthal Collins Group (RCG), an independent futures commission merchant with nearly 100 years of earning clients’ trust. In December, RCG announced the sale of all its customer accounts to Marex Spectron, one of the world’s largest commodity brokers. As part of that transaction, our aim was to purchase certain valuable assets related to developing our platform. We expect to close the transaction in February, and are excited to welcome members of the RCG team to Bakkt.”
A Mainstream Reality
What makes this acquisition so intriguing is the confirmation by Loeffler that it was made with the goal of bringing DLT transactions to the real world.
In her press release, she commented, “Our vision is to bring digital assets into the mainstream by enabling efficient transactions between consumers and merchants. Distributed ledger technology (DLT) has the potential to contribute to a lean, modern transaction platform that is compatible with existing merchant infrastructure.”
It is this promise, of real world use that has proven to be attractive, yet elusive, to date. While cryptocurrencies promise to change the way we transact, they are simply too cumbersome to do so today. It will take a company like Bakkt to develop, and streamline, services to make the dream a reality. Thankfully, it appears as though they plan on doing just that.
A Big Raise
Bakkt made news recently, as they successfully completed their Series A round of funding. This event saw the company bring in over $180 million USD.
It is clear that a lot of big players see the potential in Bakkt, as made clear through their contributions.
Bakkt is, unfortunately, at the mercy of the CFTC. While this isn’t necessarily a bad thing, the timing is. The company was originally scheduled to launch services back in mid-December, but was forced to delay, with a current target of January 24th.
While there is still a chance, it is unlikely that the company will be able to reach this current target. All the public can do is hope that Bakkt is ready to hit the ground running once given the green light.
Kelly Loeffler assured readers of their progress by stating, “This acquisition underlines the fact we’re not standing still as we await regulatory approval by the CFTC for the launch of regulated trading in our crypto markets. Our mission requires significant investment in technology to establish an innovative platform, as well as financial market expertise to deliver the most trusted fintech ecosystem for digital assets.”
Bakkt is based out of Atlanta, and was founded in 2018. Above all, they operate with a goal of bridging traditional finance with blockchain.
For more info on Bakkt, make sure to check out our other articles detailing their developments.