Intercontinental Exchange, the parent company of the New York Stock Exchange, estimates it will spend more than $20 million this year in building Bakkt, its bitcoin futures trading and custody platform.
In an earnings call for Q4, 2018, on Feb. 7, Scott Hill, ICE's chief financial officer, said the firm's investment in Bakkt will result in $20 million to $25 million of its estimated expenses for the fiscal year 2019.
The estimation comes just six weeks after Bakkt announced a massive $182 million fundraise for its bid to roll out the trading platform with regulatory approval.
In the earnings call, ICE CEO Jeff Sprecher said the company's investment in Bakkt is "a bit of a moonshot bet" and is not a typical ICE product.
Sprecher continued to say he expects Bakkt to do other rounds of financing in the future.
Currently, Bakkt is a separate company with ICE as the major investor, but it may be fully spun off at a later stage, he said.
Sprecher was once more vague about Bakkt's launch timeline and only said users could expect to see it live "Later this year."
With market anticipation of Bakkt's launch building, last week fraudsters made an attempt to use the Bakkt brand to con users out of their bitcoin.
The impersonators sent out emails claiming Bakkt will be launched on March 12 and would hold another round of financing to raise $50 million.
They asked prospective investors to register and send cryptos to a fake Bakkt website that CoinDesk confirmed has no official association with the platform.
NYSE Parent ICE Anticipates Over $20 Million Spend on Bakkt This Year
gepubliceerd op Feb 11, 2019
by Coindesk | gepubliceerd op Coinage
Vermeld in dit artikel
The Faketoshi Circus: Even Bitcoin Can't Escape the Politics of Money
These included a hand-written note to the judge in which yet another person, one Debo Jurgen Etienne Guido, also laid claim to being bitcoin's secret progenitor.
Crypto News From Japan: Week in Review
Japan is a friendly jurisdiction for cryptocurrency trading and development, having eliminated the consumption tax on Bitcoin trading in 2017, after which it recognized the coin as legal tender.
Crypto News From Brazil: Week in Review
Last week, Brazilian authorities took regulatory action against crypto-related businesses and several alleged cryptocurrency scams.
Brave Expands Crypto Tipping to Reddit and Vimeo After Twitter
Blockchain-based internet browser Brave has continued expanding its crypto tipping option by integrating it into Reddit and Vimeo.