Crypto Exchange Bakkt Raises $182 Million, What Can The Crypto Industry Expect?

Cryptocurrency exchange Bakkt which is also a liquidity provider formed by the New York Stock Exchange’s company ICE has raised approximately $182 million from a investors and multiple venture capital firms, according to the latest bitcoin news.

Kelly Loeffler , Bakkt’s CEO announced the companies who invested in the company which are Eagle Seven, Galaxy Digital, Boston Consulting Group, Intercontinental Exchange, M12, Pantera Capital, PayU and others, share the vision for institutional access for digital assets and to provide support for merchants.

Loeffler explained:

‘’Our work today is centered on driving institutional access for digital assets, along with merchant and consumer uses, and we’re already expanding on this vision, collaborating with great companies like Starbucks in these efforts.’’

As for the Bitcoin price, it remains down by 80 percent from its all time-high and it’s on its way to end the year in the middle of harsh sell-off and the deep bear market.

According to Bakkt CEO, this year has been the best and most active year for the entire cryptocurrency industry. The entire market is on its way to strengthen the infrastructure and to support all of the digital assets.

Despite the value of crypto assets declining substantially, Loeffler pointed out that the price still does not reflect how the companies did with their accomplishments within the crypto ecosystem by saying:

‘’Notably, 2018 was the most active year for crypto in its brief ten-year history. This was evidenced by rising investment in distributed ledger technology and digital assets, as well as by blockchain network metrics such as daily bitcoin transaction value and active addresses. Yet, these milestones tend to be overshadowed by the more narrow focus on bitcoin’s price, which has been seen by some, as a proxy for the potential of the technology.’’