Bakkt

Jul 22, 2021 at 1:54 p.m. UTC
Updated Aug 20, 2021 at 10:09 a.m. UTC

Bakkt is a bitcoin futures exchange and digital assets platform founded in 2018 by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). Bakkt initially planned to open its futures exchange in 2018 but postponed its launch due to the volume of interest and the work required to prepare its services. The launch of the futures exchange was subsequently delayed several times due to regulatory issues, reportedly pertaining to asset custody. Bakkt began testing its platform in July 2019 while waiting for regulatory approval to take the platform live. Bakkt was able to release its bitcoin futures platform in September 2019, although the volume on the exchange following the release was much lower than anticipated.

Bakkt partnered with multiple organizations to build its platform, including Boston Consulting Group (BCG), Microsoft and Starbucks. Bakkt’s goal is for people to use cryptocurrencies in everyday life seamlessly over its network. Further, the company has partnered with major investment groups, including Fortress Investment Group, Eagle Seven, and Susquehanna International Group, with the aim of building a path for major money managers to offer bitcoin mutual funds, pension funds and exchange-traded funds (ETFs).

In 2019, Bakkt announced it bought Digital Asset Custody Company (DACC) to bolster its crypto asset custody and storage. At the same time, the company said it was working closely with global bank BNY Mellon to develop private key storage solutions.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
US Agencies Warn of Attempts by North Koreans to Get IT Jobs While Concealing Nationality

In many cases, these workers say they are U.S.-based and/or non North Korean teleworkers, and they often take on virtual currency projects, the agencies said.

In many cases, these workers say they are U.S.-based and/or non North Korean teleworkers, and they often take on virtual currency projects, the agencies said.

2
Oasis Pro Raises $27M for Crypto Securities Trading Platform

CEO Pat LaVecchia, a former MakerDAO compliance adviser, said Oasis Pro is in the “early stages” of integrating with DeFi platforms.

CEO Pat LaVecchia, a former MakerDAO compliance adviser, said Oasis Pro is in the “early stages” of integrating with DeFi platforms.

3
UST Won't Be the End of Algorithmic Stablecoins

The trail for a monetary "Holy Grail" continues, despite Terra’s collapse. So what do we do about it?

The trail for a monetary "Holy Grail" continues, despite Terra’s collapse. So what do we do about it?

4
Crypto News Roundup for May 16, 2022

With crypto markets continuing to slump and a look what a recent bill on crypto mining might mean for New York’s economy, CoinDesk’s Markets Daily is back with the latest news roundup.

With crypto markets continuing to slump and a look what a recent bill on crypto mining might mean for New York’s economy, CoinDesk’s Markets Daily is back with the latest news roundup.