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Bakkt furthers acquisitions, pushes for increased manpower in anticipation of imminent launch

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Bakkt furthers acquisitions, pushes for increased manpower in anticipation of imminent launch
Source: Unsplash

Bakkt, the highly anticipated digital asset exchange backed by the New York Stock Exchange [NYSE] and the Intercontinental Exchange [ICE] has announced that it has acquired the Rosenthal Collins Group [RCG] in order to increase their staff ahead of their launch.

Announced via a tweet, the digital assets platform acknowledged the rich heritage and experience that the RCG will bring. The Rosenthal Collins Group is a futures brokerage business, headquartered in Chicago with several institutional grade services like trade execution, risk management, market commentary and others provided by the company founded in 1923.

The tweet in full read:

“With today’s closing of our transaction with Rosenthal Collins Group, we welcome great new team members to Bakkt RCG’s remarkable heritage, culture and expertise will help us build out a trusted institutional infrastructure for digital assets.”

The RCG group had affirmed in December 2018 that they were planning on selling their customer accounts to Marex Spectron, but then the digital assets platform steeped in to increase its foothold in the market and set its sight on acquiring RCG.

Kelly Loeffler, the CEO of Bakkt informed their investors and the larger community that are waiting anxiously for the launch, regarding the acquisition of RCG back in mid-January when the decision was taken.

In addition to the news of the acquisition, Bakkt also announced the introduction of two-top executives. Erik Haas, the new Director of Compliance will move in from the Intercontinental Exchange [ICE], a primary backer of ICE, and will bring with him nine years of experience dealing with regulators. The platform also welcomed Rachel Ford from Techstars as the Strategic Operations Manager.

Additionally, Bakkt has a further 10 positions opened in the fields of Engineering, Finance, and Sales. The positions are available for the following locations, Atlanta, New York, San Francisco, London, Tel Aviv, Singapore, Hong Kong, Singapore, and Tokyo.

Bakkt was set to launch in January 2019 based on last year’s developments with the concerned authorities but due to the government shutdown in the United States, the platform’s launch will be delayed. The 35-day government shutdown which is now on pause prevented Bakkt from seeking the necessary approval from the Commodities Future Trading Commission [CFTC] to launch their platform and is now looking to launch the product in the first quarter of 2019 i.e. between January to March.

Some Twitter users didn’t take too kindly to Bakkts’ constant delay in their launch, with a user @TheyLive22 tweeting:

“Scam. We know BAKKT is being used as a tool to bring down the price of Bitcoin, by pushing back the release date. People behind BAKKT figure if BTC starts to rally, they can say BAKKT has been denied/it’s release date is being pushed back to cause a drop in the Bitcoin price.”

A twitter user @xrp_australia, once again, warned Bakkt not to delay the launch, adding that if they do, other competitors will take the institutional investors:

“An old saying goes if you snooze you loose. If they don’t pull their finger out soon Fidelity and SBI will be taking all the cream.”

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