Bakkt Will Launch Later this Year – ICE CEO

The CEO of Intercontinental Exchange (ICE) Jeffrey C. Sprecher made a comment that the cryptocurrency platform Bakkt will launch later in 2019. The comment is made during an earnings call by the CEO on 7 Feb.


The earnings call is all about the financial report of Quarter 4 (Q4) of 2018. Jeff explained that the firm already spent $1 Billion on the development of the cryptocurrency platform Bakkt and strategy initiatives.

New York Stock Exchange (NYSE) the famous exchange is operated by ICE along with 22 other global exchanges.

Scott Hill the CFO of the  Intercontinental Exchange (ICE) expected the expenses Bakkt will bring. According to Hill Bakkt will generate  $20 million to $25 million of expense.

Hill also said that they will update the progress made at Bakkt and the investment raised.

The digital asset exchange raised $180 Million attracted high profile investors and partner including Starbucks and Microsoft.

Jeff told that the cryptocurrency platform Bakkt is a “Moonshot Bet” for ICE.

“So it’s a bit of a moonshot bet and it’s been organized in a manner that is very different than the way ICE typically does businesses.”

Jeff added that Bakkt brings very different customers that the ICE typically does business. He added that Bakkt has its own offices and own management team 

Bakkt is a long term business then focused in 2019.

“I think Bakkt is really an investment […] That’s more about the future and revenue and market opportunities that we see in the future and less about 2019 topline,” Hill said.

Initially, ICE announced that Bakkt will launch in August 2018. Later the platform is postponed for early January 2019 launch but that was delayed due to the US Shut down. Maybe Bakkt will launch in late 2019.

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