Bakkt, Intercontinental Exchange’s bitcoin (BTC) futures trading platform, has announced the acquisition of assets in futures commission merchant Rosenthal Collins Group (RCG).
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“RCG’s remarkable heritage, culture and expertise will help us build out a trusted institutional infrastructure for digital assets.”
Bakkt CEO, Kelly Loeffler, stated the acquisition is the next step while awaiting regulatory approval by the United States Commodity Futures Trading Commission (CFTC).
“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,” Loeffler said.
“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.”
The vision of Bakkt is to bring digital assets into the mainstream by enabling efficient transactions between consumers and merchants.
“While blockchain and cryptocurrencies are early in their development, we are committed to expanding the use of this technology to promote choice by building a fair, efficient platform for digital assets globally,” said Loeffler.
On Feb. 7, Intercontinental Exchange (ICE), the parent company to over 20 other major exchanges, including the New York Stock Exchange, hosted their Q4 2018 earnings call.
Scott Hill, Chief Financial Officer at ICE, stated Bakkt “will generate $20 million to $25 million of expense based upon the run rate in the first quarter.”
Jeff Sprecher, Chairman and CEO of ICE, called Bakkt a “moonshot bet.”
Recently, Bakkt advertised a list of eight vacancies at the company, which are all located in Atlanta and New York City.
The most sought after positions include directing and senior level developers.
The company is looking to hire a blockchain developer, a mobile developer, a software development engineer, a senior full stack engineer, and a director of security engineering.
Furthermore, the company is hiring at least one institutional sales member and a director of finance.
In December, during their first round of funding, the company raised $182.5 million from 12 partners and investors.
ICE stated they expect “to provide an updated launch timeline in early 2019 for the trading, clearing and warehousing” of its Bakkt ETF product.
“WE ARE FOCUSED ON BUILDING A NIMBLE, ENTREPRENEURIAL TEAM WITH A FOCUS ON SERVING OUR CUSTOMERS AND DELIVERING RESULTS,” THE COMPANY SAID ON AN OFFICIAL BLOG POST.
“KEY SUCCESS FACTORS IN OUR CULTURE INCLUDE COLLABORATION, PROBLEM SOLVING, COMMUNICATION, INTEGRITY, AND PROFESSIONALISM AND LEADERSHIP. THANK YOU FOR YOUR CONTINUED INTEREST AND FEEDBACK AS WE BUILD OUT BAKKT.”