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).
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.