ICE’s New Bakkt Exchange Completes $182 Million Funding Round

Bakkt, the cryptocurrency exchange and platform project from the Intercontinental Exchange ("ICE"), has raised $182 million from its first funding round, according to a story in The Trade news. The funds were raised through a consortium of 12 organizations. ICE first announced plans for its cryptocurrency platform in August last year, drawing on support from non-financial organizations, including Microsoft and Starbucks, to launch a federally-regulated market and warehouse for digital assets. Bakkt will initially be used for trading and conversion of Bitcoin versus fiat currencies by both institutional and retail clients, and it will be based on Microsoft’s cloud technology. The launch is scheduled for early 2019 and is awaiting regulatory approval from the CFTC.