Crypto Exchange Bakkt Raises $182 Million From Investors and Venture Capital Firms

Dec 31, 2018 at 23:00 Update Date :Dec 31, 2018 at 23:00 UTC

A crypto exchange Bakkt has raised $182 million from a group of crypto investors and venture capital firms. The news has been announced by the CEO himself, stated that a lot of firms has invested their trust in the crypto exchange Bakkt that will aid the growth of the company in digital assets.

Crypto Exchange Bakkt Pegged by Investors and Firms

As per the news outlets, Bakkt, a cryptocurrency exchange created by the New York Stock Exchange’s parent firm ICE, has got the support of various groups and venture firms which led the crypto exchange to raise more than $182 million.

On December 31, as officially announced by Kelly Loeffer, CEO of Bakkt, various giant financial groups and firms like Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Microsoft’s venture capital, M12, PayU, Pantera Capital, Intercontinental Exchange, Horizons Ventures, Protocol Ventures, and fintech arm of Naspers has invested in the crypto exchange Bakkt. This support will help the firm to drive new access for digital assets as well as providing back for merchants.

The CEO quoted:

“Our work today is centred on driving institutional access for digital assets, along with merchant and consumer uses, and we’re already expanding on this vision, collaborating with great companies like Starbucks in these efforts.”

2018 has been a year of up and downs for Bitcoin, as on December 31, the price of the leading crypto declined by 80% from its all-time high of $19,500. However, the CEO of Bakkt believes that 2018 has been the most active year for digital currency industry – it has seen progress in supporting the infrastructure of the asset class.

In the same month, Bakkt had secured an investment of $182 million from various venture capital and technology giants. Along with Bakkt, ErisX, a U.S. based crypto firm received an investment of $27.5 million from giants like Nasdaq and Fidelity.

The firm has also announced that it will keep updating the crypto market about its plans to launch a Bitcoin futures market.

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