ICE's bitcoin futures trading platform Bakkt is likely to be commissioned later in 2019. The parent company expressed intentions to spent about $25 million for further development of the platform.
The CEO of New York Stock Exchange operator, Intercontinental Exchange (ICE) Jeffrey Sprecher commented on some details about the Bakkt project during the conference call regarding the company's financial performance in Q4 and 2018.
The company ICE CFO Scott Hill stated that their team considers up to $25 million extra investments in the Bakkt platform to be made till the end of the current fiscal. Meanwhile, Jeffrey Sprecher added that ICE's spending for strategic developments. Including the crypto market, reached already some $1 billion.
As the company's representatives stated more details regarding the launch and development of the Bakkt platform along with the total investments are to be unveiled later this year.
As for the target financial performance expected from the Bakkt, Jeffrey Sprecher stressed that investment in Bakkt is a rather ambitious task. The exchange is organized in a substantially different way compared to the usual ICE approaches, he explained. Besides, the project development is said to be advancing at a high pace, so the launch may happen later in 2019.
For reference, the Bakkt was expected to come into operation on January 24, but the launch date was postponed.
Besides, Sprecher added that Bakkt is an independent company apart from ICE with its own offices, management and infrastructure. He also recalled that they were able to attract large organizations as Microsoft venture fund and Starbucks to cooperation. Earlier, Bakkt reportedly managed to complete its first closed funding round with $182.5 million investment.
Scott Hill stressed that Bakkt is actually an investment and a long-term project, so its outlook is not limited to only 2019 but covers the years to come as well.