Intercontinental Exchange-backed digital asset platform Bakkt has announced the acquisition of assets of Rosenthal Collins Group (RCG), in the furtherance of its objective to build the first integrated, institutional grade exchange-traded markets, and custody solution for physical delivery of digital assets.
CEO of Bakkt Kelly Loeffler made the announcement in a blog post yesterday, stating that the project had entered into an agreement with RCG – an independent futures commission merchant – to build on the experience established by the business.
RCG is a 95-year old Chicago-based futures brokerage business which announced last December that it was selling off its customers’ business to Marex Spectron – another world-renowned commodities brokers – out of which Bakkt had opted in to obtain a part of the business assets.
According to Loeffler, the acquisition of “certain valuable assets” was necessary for the development of the Bakkt platform. She highlighted enhancement of risk management and treasury operations with systems and expertise as possible areas of benefits of the new acquisition while expressing her enthusiasm about onboarding the team from RCG.
As per the announcement, there might be a possible delay in the launch of the Bakkt platform as initially scheduled for this month. Loeffler said: “This acquisition underlines the fact [that] we’re not standing still as we await regulatory approval by the CFTC for the launch of regulated trading in our crypto markets.”
The team is sure putting in a tremendous amount of efforts to meet the expectations of the masses after being lauded as a platform to make a significant impact in cryptocurrency adoption since its introduction in August last year.
Loeffler made this clear when she said, “Our mission requires significant investment in technology to establish an innovative platform,” adding that “financial market expertise” is an essential component to developing the “most trusted fintech ecosystem for digital assets”.
Despite the delay, their tracks so far have been lined with some degree of success. The recent seed funding of over USD 182 million goes on to show that a lot of key players are supportive of a successful launch of the platform.
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