What is Bakkt?
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).
The company initially planned to open its futures exchange in 20181, but postponed its launch due to the volume of interest and the work required to prepare its services2. The launch of the futures exchange was subsequently delayed several times after due to regulatory issues, reportedly pertaining to asset custody3. Bakkt began testing its platform in July 2019 while waiting for regulatory approval to take the platform live4.
Bakkt partnered with multiple organizations to build its platform, including Boston Consulting Group (BCG), Microsoft and Starbucks5. Bakkt’s goal is for people to use cryptocurrencies in everyday life seamlessly over its network6. Furthermore, 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)7.
In 2019, Bakkt announced that it had acquired Digital Asset Custody Company (DACC) to bolster its crypto asset custody and storage8. At the same time, the company said it was also working closely with global bank BNY Mellon to develop private key storage solutions9.
Authored by John Metais