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.
- Hyundai Commercial Works With IBM for Blockchain Development 15 February 2019
- SEC Begins Review of NYSE Arca’s Bitcoin ETF Rule Change 15 February 2019
- Government Involvement Key to Crypto’s Success, Says Terry Duffy 15 February 2019
- Bradesco Closes Accounts of Local Crypto Exchange and Owners 15 February 2019
- JPMorgan Chase to Introduce “JPM Coin” 14 February 2019
Blockchain4 days ago
Santander Reaches $700 Million Deal to Use IBM’s Blockchain Tech
Cryptocurrency6 days ago
Crypto Could “Challenge Any Framework,” Says Financial Stability Board
Blockchain5 days ago
Blockchain Can Make Government “Incapable of Being Bribed” Says Overstock CEO
Cryptocurrency4 days ago
JPMorgan Chase to Introduce “JPM Coin”