Bakkt Capitalization to Exceed $700M, Media Says

Some experts estimates upcoming regulated exchange for institutional investors at about $ 740 million
22 March 2019   216

The Bakkt cryptocurrency platform, which is still in the process of preparation for the official launch, after investment received in late December is estimated at about $ 740 million, The Block reports, citing sources close to the project.

On December 31, 2018, Bakkt closed a round of financing for Series A, drawing on $ 182.5 million. Bakkt plans to create the first regulated exchange for institutional investors in combination with physical delivery of digital assets and custodial services.

According to the publication, after receiving these investments, the capitalization of the platform increased to approximately $ 740 million. This also means that the owner of Bakkt, Intercontinental Exchange (ICE), could sell up to 25% of the shares to outside investors, including Michael Digital’s Galaxy Digital, Pantera Capital, technological Microsoft giant and Starbucks coffeehouse. The latter did not make any cash investments in the platform.

The key issue for investors is now getting income from the company, the launch of which has been postponed several times already due to regulatory uncertainty.

Bakkt will have to make significant efforts to ensure sufficient cash flow and to justify the attracted investments. Otherwise, investors may withdraw from the transaction, using the right to repay the shares, which was provided for in a document previously filed with the US Securities and Exchange Commission (SEC).

One of the sources of the publication notes that after a new round of financing, Bakkt can easily raise its capitalization to $ 1 billion, but investors want to see exactly what they are investing.

Earlier it was reported that Intercontinental Exchange, the parent company of the New York Stock Exchange, expects to invest up to $ 25 million in the development of Bakkt by the end of the year.

Bibox Exchange to Conduct 4 IEO Simultaneously

The allocation of tokens will be perfomed in the order of the lottery among holders of BIX tokens and the IEO to be perfomed at Bibox's Orbit platform
19 April 2019   99

Bibox cryptocurrency exchange presented four projects that will conduct the initial exchange offering of their tokens as part of the first wave of IEO on April 22 on the Bibox Orbit platform.

  1. The Force Protocol (FOR) is a distributed protocol of crypto-financial services based on a public blockchain system, providing opportunities for cross-platform asset transaction and communication, use of crypto assets from several blockchains to provide steybcocoins, issue tokenized bonds, etc.
  2. Ludos (LUD) is a solution for a distributed gaming ecosystem designed to bring large-scale blockchain games and economic incentives to life.
  3. Staking (SKR) is a decentralized asset management platform that allows investors to safely stack tokens.
  4. X-Block (IX) is a computing system based on the blockchain architecture.

The allocation of tokens will be perfomed in the order of the lottery among holders of BIX tokens. Potential investors will be able to declare how many tokens of a project they want to purchase based on their BIX, after which a separate rally will be held for each of the projects.