The ongoing regulatory delays and hurdles imposed by the US government have not dampened the enthusiasm for crypto related products such as the highly anticipated Bakkt launch.
Bakkt Will be a ‘Moonshot Bet’
The Intercontinental Exchange (ICE) has recently announced its fourth quarter earnings which have beat some Wall Street predictions. Chief executive Jeffrey Sprecher took the opportunity to speak on the sterling performance and shed some light on the Bakkt crypto project. Seeking Alpha ran a full transcript of the conference call in which Sprecher referred to Bakkt as a “moonshot bet”.
Over a billion dollars has been spent on strategic investments in 2018, including the Bakkt crypto futures project, according to CFO Scott Hill. Sprecher added that Bakkt had raised over $180 million from ICE and twelve other investors and partners including Fortress Investment Group and Susquehanna International Group. He said that “as we look to 2019 and beyond we’re excited about the opportunities that lie ahead, not only for our core business but also for newer initiatives,” which includes Bakkt.
The launch delays have been largely the fault of the US government shutdown imposed by president Trump. The highly anticipated product has been seen as a major