Bakkt is our ‘Moonshot bet’ on Bitcoin & crypto, says ICE CEO Jeff Sprecher

08 Feb, 2019 | Updated: 08 Feb, 2019
by Joeri Cant
News
Bakkt is our ‘Moonshot bet’ on Bitcoin & crypto, says ICE CEO Jeff Sprecher

The founder, chairman and CEO of the InterContinental Exchange, Jeff Sprecher, said that Bakkt is a bit of a 'moonshot bet' for them, while reporting a record-breaking $1.3 billion in consolidated fourth-quarter net revenues.

According to the Dailyhodl, the parent company of upcoming cryptocurrency trading platform Bakkt, reported a record-breaking $1.3 billion in consolidated fourth-quarter net revenues, up 14% year over year. 

Scott Hill, the chief financial officer said that ICE’s strong cash generation will continue to support key strategic initiatives, including: fixed income, mortgages and along with our partners, and of course, the launch of Bakkt.

'Our investment in Bakkt will generate $20 million to $25 million of expense based upon the run rate in the first quarter. We will update you on progress at Bakkt and the level of investment as we move through the year. We delivered another record year in 2018, and we have momentum entering 2019', he said.

Read more: JP Morgan looking to Bakkt for exposure to cryptocurrency

The founder, chairman and CEO of the InterContinental Exchange, Jeff Sprecher, said that Bakkt represents a unique structure for ICE with a separate name, company, management team and capitalization.

'That infrastructure has attracted a lot of very, very interesting companies that have come, some that have invested in Bakkt, some are just working with Bakkt, to try to tap into that infrastructure for some new use cases that will involve blockchain and digital assets and other things that we can provide these people. Obviously, we’ve announced the – our work with Starbucks and Microsoft', Sprecher said.

The CEO of ICE said that they have large retail franchises, and global connectivity to end users, that they hope will be brought into the ecosystem, which could create a 'very, very valuable company out of that initiative if our business plan plays out.'

'So it’s a bit of a moonshot bet', he said. 'And it’s been organized in a manner that is very different than the way ICE typically does businesses.'

Read more: Someone is (poorly) impersonating Bakkt to steal Bitcoin

For those interested: while a 'moonshot' is commonly understood to mean the 1961-1972 Apollo program, the phrase 'a moonshot bet' is frequently used to mean any complicated, risky maneuver with high minded ideals behind it.

Recently Chepicap reported that multiple new positions have opened up on the exchange's official website, proving that the project is still looking to expand even as it launchdate has been put in limbo.

Today Bakkt tweeted that they welcomed great new team members to Bakkt.

We can all hope that approval comes to Bakkt soon, as well as an updated launch date, until then Chepicap will keep you in the loop on all news concerning the new platform! 

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