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Author: Admin | 2025-04-27
To get involved in cryptocurrency, but they needed it to be packaged and regulated in the right way. So ICE created Bakkt to meet investor demand.He originally appointed Kelly Loeffler as CEO of Bakkt, formerly the CMO of ICE, who left to become a US Senator in late 2019. She was succeeded by former PayPal vice president of engineering Mike Blandina, then ICE's associate general counsel David Clifton (as interim CEO), and finally former head of technology at Citi Gavin Michael.Bakkt's launch got off to a slow start. On its first day, the Bakkt Bitcoin futures offering saw just 71 Bitcoin traded, worth around $700,000 at the time. Trading has built up over time; during the last week of 2020—a golden period for crypto in general—Bakkt's Bitcoin futures reached a trading volume of $286 million.A brief history of BakktAugust 2018 – The Bakkt platform is announced by parent company Intercontinental Exchange (ICE)December 2018 - Bakkt raises $182.5 million in funding roundSeptember 2019 - Bakkt Bitcoin futures go live, trading is now open on ICE.December 2019 - Bakkt launches Bitcoin monthly options and cash-settled Bitcoin futures.January 2021 - Bakkt announces that it will go public.March 2021 - Bakkt receives a BitLicense in New York.February 2023 - Bakkt ceases its retail business.What’s so special about it?Bakkt is still the new kid on the block, but it’s already labeled as the way to make Bitcoin mainstream. Even titans Microsoft and Starbucks have thrown their weight behind it.The platform provides a way for traditional investors to get involved in Bitcoin with the oversight of US federal regulation. The company is working with the Commodity Futures Trading Commission (CFTC) for approval – which will bring requirements like compliance, anti-money laundering rules, and strict reporting standards.That could be the assurance that big-time institutional investors need to finally dive in to crypto. The company has said its goal is to turn Bitcoin into the world’s first worldwide currency.How does Bakkt work?Bakkt is a platform for institutional investors to buy, sell, and store digital assets on a global network. The idea is that Bakkt gives investors the chance to trade assets and futures based in Bitcoin the same way they would traditional currencies and commodities.Bakkt also offers warehouse storage for the safekeeping of Bitcoin. Storing a customer’s private keys “offline” adds layers of security and thwart hackers – bringing more peace of mind to traditional investors.The platform has
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