Bakkt acquired the independent futures commission merchant with an aim to strengthen its bitcoin offering with more institutional investment. The amount paid for acquisition has not been disclosed.
Bakkt has a well-planned strategy to remain undefeated in the crypto market. Till now it has raised $182 million capital. Now it is working for building a trusted and legitimate brokerage firm for crypto assets. It is also building crypto trading engines to attract more institutional investors.
In meantime Bakkt began to acquire Rosenthal Collins Group(RCG)’s assets. RCG is based in Chicago and now provides brokerage service. RCG develops and operates the platform to large orders, high-frequency firms, and retail investors. Once the payment is confirmed, the RCG team will join Bakkt team for further developments. They are expecting the payment by February 2019.
To fortify its offering, Bakkt is acquiring RCG’s framework of treasury operations and risk management. Additionally, it is focusing on AML/KYC, customer service, and regulatory compliance. As noted on their blog, the efforts stem from Bakkt’s aim to enhance digital asset offerings and enable “more choice and control” to buyers and sellers.
Especially Bakkt is all set to launch its crypto trading services. Commodities and Future Trading Services(CFTC) has to approve the launch. Bakkt is building a robust platform by investing in technology.
The launch was scheduled for November 2018. Later it was rescheduled to January 2019, but due to delay in approval it is postponed “indefinitely”. Bakkt has got the whopping amount of capital from world’s major business firms like Microsoft, Starbucks and Bain capital. Therefore the firm is working for the development of the platform where the conversion of the digital assets for merchant happens in real quick.