Fresh from completing its first round of funding earlier this month, the International Exchange (ICE) cryptocurrency venture known as Bakkt announce just announce that it has made its first acquisition. Bakkt has acquired certain assets of the independent futures commission Rosenthal Group (RCG) for an still undisclosed amount.
According to the official announcement, with the Rosenthal Collins Group’s more than 100 years of experience in building clients’ trust, Bakkt’s risk management and treasury operations will be enhanced by the systems and expertise that will brought about by the assets which they are going to acquire. The acquisition will also contribute to Bakkt’s regulatory, AML/KYC and customer service operations.
We're pleased to share that we have entered into an agreement to acquire certain assets of Rosenthal Collins Group (RCG), an independent futures commission merchant https://t.co/5sgdbRO6Ql
— Bakkt (@Bakkt) January 14, 2019
It’s a good thing that Bakkt is not just resting on its laurel while awaiting for the CFTC approval which would make Bakkt a regulated trading platform for cryptocurrencies. It only goes to show that indeed, the firm is seriously working to achieve its mission to build the most trusted finch ecosystem for cryptocurrencies. Such mission obviously requires substantial investment in both technological hardware and technical expertise which the RCG assets can provide.
Once all of those are in place, Bakkt hopes to bring mass awareness on digital assets and enable a more efficient transaction between merchants and consumers. According to Bakkt:
Distributed ledger technology (DLT) has the potential to contribute to a lean, modern transaction platform that is compatible with existing merchant infrastructure. While DLT and cryptocurrencies are early in their development, we are committed to expanding the use of this technology to promote choice by building a fair, efficient platform for digital assets globally.
One thing that Bakkt forgot to announce though is when the platform will be officially launched. It was first announced that trading will officially open in December 2018 but it was postponed for January 2019. Until now, the launch has yet to happen. After a few more acquisitions perhaps?