The much-awaited Bakkt has secured a mouth-watering $182.5 million from it’s Series A funding. The most affluent investments is from Li Ka Shing, who is one of the wealthiest people in the world right now.
Li Ka Shing is a famous billionaire from Hong Kong. He is currently ranked 23rd on Forbes list and has broadened his portfolio through Horizons Ventures especially in tech startups.
Other notable investors in the Series A funding include ICE, Boston Consulting Group, Microsoft’s venture capital arm M12 and Naspers’ fintech company PayU.
Bakkt is a cryptocurrency platform built by Intercontinental Exchange (ICE) which is the parent company of the New York Stock Exchange (NYSE). ICE plans Bakkt to be a futures contract with institutional-grade custody arrangements that will be traded on Bakkt’s platform. The Bitcoin futures contract will be physically delivered, warehoused and cleared through ICE’s infrastructure. CME and CBOE, on the other hand, settle in fiat currency.
Another exciting feature of Bakkt includes the buying, selling, storage and spending of cryptocurrencies through Microsoft’s cloud.
The launch was postponed from November 2018 to 24th January due to legal issues which had to be cleared before bringing it forth to the crypto and traditional financial world.
With Ka Shing’s money on Bakkt, it highlights the exchange’s prominence especially from the angle of non-crypto users and investors hoping to get on board the crypto bandwagon.
Ka Shing could be considered the Chinese Warren Buffet given his simple lifestyle and experience as an investor. Warren Buffet, however, is not seen to be a cryptocurrency fan.However, Ka Shing is seen to take steps towards the cryptocurrency revolution.
He is seen to have worked alongside Alibaba’s Jack Ma in bringing a digital wallet service to Hong Kong. It looks like Ka Shing believes in digital payments, no wonder he’s got his eyes on cryptocurrency.
Image Source – Nikkei Asian Review
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