Bakkt, a renowned digital asset platform that is owned by Intercontinental Exchange just completed the first phrase of funding. The company executives planned this process well and managed to attract hundreds of investors from all across the globe. One of the notable investors is Li Ka-Shing, a Hong Kong billionaire who is also ranked among the top wealthiest people in the world.
Li Ka-Shing Invests in Bakkt, a Digital Asset Platform
Bakkt has gained a massive reputation across the globe for being one of the most transparent and progressive cryptocurrency platforms in the current digital world. As mentioned earlier, the platform was developed by Intercontinental Exchange (ICE), and the first phase of funding came to a close on December 31st 2018.
Reports indicated that the company managed to raise more than $180 million from investors. The funds will be used to promote the operations of the company. Apart from Li Ka-Shing, other notable investors include Microsoft’s venture capital arm called M12, Boston Consulting Group and PayU. PayU is a Nasper fintech company that is also popular in the digital space.
According to Forbes magazine, Li Ka-Shing is the 23rd wealthiest man in the world today. Over the last ten years, Li Ka-Shing has invested in some tech startups in multiple industries. Notably, this is not the first time that he has invested in a company that deals with blockchain and cryptocurrencies. Back in 2013, he invested in bitcoin payment processing software called BitPay. In 2016, he invested thousands of dollars in a blockchain technology service provider, Blockstream.
Bakkt Potential Cannot be ignored
Bakkt management team has announced that plans are underway to create a digital asset platform that will be capable of hosting institutional grade futures contracts for cryptocurrencies such as bitcoin. Most of the investors were motivated to invest in this company after realising the potential of such a platform in the current wake of blockchain technology.
Horizon Ventures, owned by Li Ka-Shing was among the first companies to invest in Bakkt followed by Eagle Seven, Goldfinch Partners, CMT Digital, Pantera Capital, and Protocol Galaxy Digital. The bakkt new platform will benefit tremendously from the reputation of these lead investors in the market. Concisely, they will gain massive recognition that will boost their brand awareness efforts.
Institutional backing will also significantly reduce one of the problems that have been affecting cryptocurrency markets for decades, volatility. One of the attributes that will set the platform apart from the competition is the physically delivered crypto futures. Most of the companies offering similar services, CME and CBOE settle contracts in fiat currency.
The Bakkt contracts will be cleared and warehoused through ICE’s the United States based futures exchange and clearing house. Individual crypto traders who have a small bankroll are also waiting eagerly for the full launch of Bakkt contracts that is scheduled to happen on January 24th 2019. Regulatory setbacks caused the delay, but the company has managed to resolve them. Already, the company has applied for a license from U.S Commodity Futures Trading Commission. Click to read more cryptocurrency news.