Bakkt may not be able to launch its planned bitcoin futures exchange this month as planned, but that isn't stopping the company from developing its projects.
CEO Kelly Loeffler announced Monday that the New York Stock Exchange–backed startup was acquiring "certain assets" belonging to Rosenthal Collins Group (RCG), an independent futures commission merchant. RCG had previously announced it was selling its customer accounts and brokerage business to British firm Marex Spectron.
Bakkt previously announced it had raised nearly $183 million in a funding round, with the funds intended to building up the exchange's infrastructure.
The acquisition will help Bakkt improve its risk management and treasury operations, Loeffler wrote, adding that the deal will also help improve Bakkt's anti-money laundering/know-your-customer operations.
The transaction is expected to be finalized next month.
Referencing a regulatory delay in launching the company's anticipated futures exchange, Loeffler added:
Bakkt previously announced it intention to launch its futures exchange on Jan. 24, 2019. However, the company is still waiting on approval through the Commodity Futures Trading Commission, as it intends to custody bitcoin for clients in its own "warehouse."
The CFTC must first start a 30-day comment period, allowing the general public to weigh in on the proposal, which the regulator has yet to do.
This means that Bakkt will not be able to launch on Jan. 24. Loeffler's latest announcement did not include a revised estimated launch date.
Michael Casey, Kelly Loeffler, Jeff Sprecher image via CoinDesk archives
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.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.