NYSE’s cryptocurrency platform Bakkt closes its first acquisition

Bakkt, the long-awaited digital asset platform managed by the Intercontinental Exchange (ICE), has completed its first acquisition. The company let this know in a tweet of 8 February.

With today’s closing of our transaction with Rosenthal Collins Group, we welcome great new team members to Bakkt

RCG’s remarkable heritage, culture and expertise will help us build out a trusted institutional infrastructure for digital assets pic.twitter.com/KuqJjzMfCx

— Bakkt (@Bakkt) 8 februari 2019

“With the completion of our transaction with Rosenthal Collins Group, we welcome great new team members at Bakkt”, the statement said.

RCG’s remarkable heritage, culture and expertise will help us build a trusted institutional infrastructure for digital assets.

Bakkt had already announced in mid-January that it intended to acquire assets from the Rosenthal Collins Group (RCG). As the CEO of the company, Kelly Loeffler, explained at the time, the acquisition means that the company is slowing down its activities for some time. This is pending approval by the US Commodity Futures Trading Commission (CFTC) for the launch of regulated cryptocurrency markets.

Loeffler also added that the acquisition would expand Bakkt’s risk management and treasury activities by adding new systems and expertise. It will also be able to contribute to Bakkt’s Anti-Protein (AML) and Know-Your-Customer (KYC) policy.

On Thursday, February 7, ICE, the parent company of the New York Stock Exchange, published its results for Q4 2018. During the earnings call, ICE CFO Scott Hill also appointed Bakkt specifically; the CFO announced that the investment in the company will generate around $ 20 million to $ 25 million in costs based on first-quarter performance. “Later in the call, ICE’s chairman and CEO, Jeff Sprecher, Bakkt mentioned “Moonshot bet”.