23rd Richest man in the world shows interest in Bakkt

09 Jan, 2019
by Colin Hawkins
23rd Richest man in the world shows interest in Bakkt

In Bakkt’s first round of funding, they have gained the interest of Li Ka-shing, one of the richest men in the word. He is the 23rd richest to be exact.

The digital asset platform secured investment from Ka-shing after its first funding round. Li Ka-shing is a well respected and well known Hong Kong billionaire, who has previously shown interest in tech startups. Ka-shing founded Horizons Ventures, a Hong Kong venture capital firm that has an assorted portfolio including tech startups and various crypto and blockchain companies as well, that they have accumulated over the last decade. In 2013 they invested in BitPay, a bitcoin payment software. In 2016 Horizons Ventures, invested in Blockstream, a blockchain technology provider.

The cryptocurrency platform backed by the Intercontinental Exchange (ICE), has secured more than $180 million in funding beginning Dec. 31st. Bakkt’s plan with this financial backing is to launch a digital asset platform to host institutional-grade futures contracts for bitcoin and other cryptos.

Horizons Ventures wasn't the only big name investor in the backing of Bakkt’s first funding round. They were joined by CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Pantera Capital, and Protocol Ventures, according to Bakkt’s CEO, Kelly Loeffler. Crypto enthusiasts are hoping that all of this institutional backing will help cut down on the volatility that the current crypto market has.

Bakkt plans to separate itself from the competition by offering physically delivered crypto futures, rather than their competition, whom which settles their contracts in fiat currency. These contracts can expected to be released on January 24, 2019. The company had an initial launch date of November 2018, but missed the deadline due to regulatory setbacks, according to Loeffler.

Read More: Update: Bakkt will be delayed, expect new timeline soon

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Read more about: Bakkt Hong Kong

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