Bakkt has recently signed an agreement which involves the acquisition of certain assets of RCG (Rosenthal Collins Group). RCG announced the sale of its customer accounts to Marex Spectron in December and as a part of the transaction, Bakkt wanted to acquire a few assets that would help build their platform. The transaction is expected to close in February.
Members of the team of RCG would also be joining Bakkt as a result. This acquisition would, according to Bakkt, enhance their risk management and treasury options with systems and expertise. According to Bakkt’s blog,
Other aspects of the transaction will contribute to our regulatory, AML/KYC and customer service operations as we help enable digital asset acceptance by bringing more choice and control to buyers and sellers.
Bakkt wishes to bring institutions to the crypto space and make digital payments adopted in the mainstream by providing a global platform for digital assets. For a while now, people have been looking at the BTC’s ETF and have been suspecting that it might solve these problems, but according to Mati Greenspan,
The service they’re planning in many ways is superior to an ETF because it will allow people to spend Bitcoin as well as investing.
Bakkt has very quickly made a name for itself in the market and due to the promising roadmaps, people are reverting from expecting an ETF to the future of Bakkt. This worldwide trust has made Bakkt recently raise $182.5 million from investors who believe in the future of crypto and digital assets. Bakkt has used this for building new infrastructure (RCG acquisition) and has promised to build new markets and opportunities for investors, along with plans for innovations in this space. Bakkt aims to provide a platform which is independent of the CFTCs launch of regulated trading. According to Bakkt, “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.”
With all eyes on Bakkt at the moment, it is expected that it would outperform the ETF of BTC and also revolutionize digital payments for the world.
