Bakkt Announces its First Acquisition
Digital assets platform backed by the New York Stock Exchange (NYSE), Bakkt has recently acquired some assets in futures commission merchant Rosenthal Collins Group (RCG). This acquisition was announced on Monday, Jan. 14.
Kelly Loeffler, the CEO of Bakkt hinted in the announcement that the company’s latest move is part of ambitious plans of Bakkt to become the first integrated and institutional grade exchange-traded markets and custody solutions.
He also stressed that this acquisition means that Bakkt is slowing down operations while awaiting regulatory approval by the United States Commodity Futures Trading Commission (CFTC) before launching regulated trading in crypto markets. Kelly stated:
“Our mission requires significant investment in technology to establish an innovative platform, as well as financial market expertise to deliver the most trusted fintech ecosystem for digital assets.”
The acquirement of assets at RCG is expected to expand Bakkt’s risk management and treasury operations with systems and expertise, and also to contribute to Bakkt’s regulatory requirements, such as the know your customer (KYC) and anti-money laundering (AML) policies, Loeffler acknowledged. The transaction is expected to be closed in February, she added.
RCG is an independent futures commission merchant which announced it will be selling its customer accounts to Marex Spectron a leading commodity broker in December 2018.
This recent acquisition announcement was made to correspond with the wake of the targeted date of the Bakkt’s launch, which was set for Jan. 24. However, Bakkt won’t be able to launch on its targeting date due to the CFTC’s rule of a 30-day feedback period open to the general public on the proposal.
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