ICE's trading platform – Bakkt – has reportedly completed the first funding round with the investments reaching $182.5 million.
According to the company press release, the platform got financial backing from 12 companies, including "Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, Microsoft’s venture capital arm, M12, Pantera Capital, PayU, the fintech arm of Naspers, and Protocol Ventures."
The company is targeting the first regulated trading solution for the institutional investors powered by the physically delivered assets. At the same time, the project representatives failed to name any exact schedule when the official launch may happen, saying that everything will depend on the regulator's approvals.
The company representative said in the blog post:
"Our team has been working closely with the Commodity Futures Trading Commission for the better part of 2018...We have filed our applications and the timing for approval is now based on the regulatory review process."
Notably, it has been confirmed by ICE that Bakkt would not be inaugurated on January 24 due to ongoing application consideration by Commodity Futures Trading Commission. The new schedule is expected to be unveiled in the near term.