“This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro
- US Shutdown may push Bakkt launch
- Bakkt delayed start may push Bitcoin ETF approval further ahead
- Wall Street backs Bakkt as the venture raises USD 182.5 million
Bakkt brings in happiness and sadness together
Well, the world enters the new year with a belief of prolonged US Government shutdown with regards to funding the border wall. The geopolitical event has bought a bearish tone to a lot of international financial markets and its waves have negatively touched crypto markets as well- not just in terms of price but fundamentally as well.
A lot of people on the street have a belief that this shutdown will delay the much-awaited launch of Bakkt- InterContinental exchanges crypto venture.
While the exchange launch has already seen a delay once, from December 12, 2018, to January 24, 2018, this time the delay comes without a due date. And if Bakkt’ launch gets delayed, it would further jeopardize the approval of any Bitcoin backed ETF further prolonging the wait for individuals and institutions.
On one side Bakkt’s delay brings in concern, while on the other side the optimism shoots in with good news, again thanks to Bakkt. While the delay in launch is unwarranted, there is surety that Bakkt will be launched, especially after the recent news of Bakkt raising capital. Over the last weekend of 2018, Bakkt announced an extremely successful funding round of $182.5 million that has come from various Wall Street institutions and should ensure a smooth launch of the new service.
Investors in Bakkt now include prominent Wall Street names such as Boston Consulting Group, Galaxy Digital, Goldfinch Partners, ICE, M12 (Microsoft’s VC fund), Pantera Capital and Protocol Ventures. This news not only gives confidence in Bakkt, but also provides proof that it’s not just the crypto street but even Wall Street is eagerly waiting for its launch.
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Mati Greenspan is the Senior Market Analyst at eToro, a global social trading and investment platform. Mati is a licensed portfolio manager in the European Union and his main focus is on macroeconomic analysis, portfolio diversification and cryptocurrencies. Follow him on Twitter at @matigreenspan