Cryptocurrency Firm Bakkt Earns a $740M Valuation in Series A Funding

[Goodcat49]

Bakkt – owned by Intercontinental Exchange (ICE) has netted a $740 million valuation after raising more than $182 million in a Series A funding round in 2018, according to The Block, the crypto news outlet. The company sold over ¼ of its shares to investors to hit the current valuation.

This bullish valuation pre-launch surfaces as the U.S’ regulatory system related to digital currency products remains indeterminate across the board.

Currently, the company is considering to roll out physically-backed Bitcoin (BTC) futures before 2019 ends, awaiting regulatory approval.   

Bakkt Needs a Lot of Volume   
Earlier this month, the company started working with Starbucks and Microsoft such that cryptocurrency payments would be introduced in several retail stores. The company seeks to run a perfect game plan in order to meet expectations.   

“From a cash-flow perspective, Bakkt will not be earning much based on their proposed contract fees, so they really need a lot of volume. A lot of things will need to line up for investors to receive returns that they would typically expect for a Series A.”   

Remember, Starbucks has not yet started accepting cryptocurrencies including Bitcoin, Ethereum, Ripple and others.   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/cryptocurrency-firm-bakkt/