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Bakkt’s $182 million funding round brought the valuation of the crypto futures company to almost $740, according to a new report by The Block. The publication says the figure was provided by sources close to the project.
One source told The Block that Bakkt will require a lot of trading volume to secure expected returns for its investors
When Bakkt was publicly announced in August of 2018, the company said it wanted to start rolling out its services in November. The expected launch date was later pushed back to December and then again to January 24, 2019. Now, Bakkt doesn’t say when it plans to launch its physically-settled Bitcoin BTC, 0.17% futures and Bitcoin warehousing service.
In order to offer Bitcoin futures trading, Bakkt first needs to receive the green light from the Commodity Futures Trading Commission (CFTC). This process was adversely affected by the U.S. government shutdown which took place between December 22 and January 25.
Meanwhile, the U.S. Bitcoin futures market has, at least temporarily, lost a player. About a week ago, Cboe Futures Exchange announced that while it will continue to honor existing BTC futures contracts, it will not be adding new contracts to their marketplace from March onwards. The company says it is re-evaluating its strategy for cryptocurrency-based products.
