Digital assets platform Bakkt has obtained specific assets in futures commission merchant Rosenthal Collins Group (RCG).
The development was announced in a Medium post.
The post relayed that Bakkt CEO Kelly Loeffler implied that the firm’s recent move is part of Bakkt’s plans to become the first integrated and institutional grade exchange-traded markets and custody solutions.
Loeffler also emphasized that the acquisition means that the firm is slowing down operations while waiting for regulatory approval by the United States Commodity Futures Trading Commission (CFTC) for the introduction of regulated trading in crypto markets.
“Our mission requires significant investment in technology to establish an innovative platform, as well as financial market expertise to deliver the most trusted fintech ecosystem for digital assets.”
The attainment of assets at RCG would expand Bakkt’s risk management and treasury operations with systems and expertise, as well as help Bakkt’s regulatory requirements, such as anti-money laundering (AML) and know your customer (KYC) policies, Loeffler said.
She added that the transaction is projected to be closed next month.
Established in 1923, RCG is an independent futures commission merchant that declared it was selling its customer accounts to leading commodity broker Marex Spectron late last year.
The acquisition announcement was made after the targeted date of the Bakkt’s launch, set for January 24. However, Bakkt would be unable to launch on its set date due because of the CFTC’s rule of a 30-day feedback period open to the general public on the proposal.
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