Crypto Platform Bakkt Closed Its First Acquisition

The digital assets platform operated by the Intercontinental Exchange (ICE) Bakkt, has finally closed its first acquisition according to the tweet by the company itself which we are looking into some more in the latest blockchain news.

The acquisition of assets in futures commission merchant Rosenthal Collins Group was finally done and Bakkt stated:

 “RCG’s remarkable heritage, culture and expertise will help us build out a trusted institutional infrastructure for digital assets.”

Bakkt previously announced the acquisition of assets in Rosenthal Collins Group somewhere at the end of January and as the CEO of the company Kelly Loeffler explained, the acquisition means that the company is awaiting approval by the United States Commodity Futures Trading Commission and therefore has slowed down the operations for the launch of regulated crypto trading.

Loeffler also pointed out that the acquisition will expand the treasury operations and risk management of Bakkt with better systems and expertise and might even contribute to the know-your-customer policies.

The parent company of the New York Stock Exchange and about 20 other exchanges had their earnings call in the Q4 2018. The ICE CFO Scott Hill said that Bakkt’s investment in digital assets platform will provide another $20 million of expense but later ICE’s chairman Jeff Sprecher said that Bakkt is a ‘’moonshot bet.’’

Bakkt was first announced by ICE back in 2018 in August and by late December; ICE reported that they are considering an update of the Bakkt Bitcoin Daily Futures Contract launch date. Most recently, Bakkt published a list of empty spaces at the company mostly based in New York City and Atlanta.