Crypto winter has been a blessing for Bakkt, ICE CEO reveals

02 May, 2019
by Richard Allen
News
Crypto winter has been a blessing for Bakkt, ICE CEO reveals

Jeffrey Sprecher, ICE CEO, stated that crypto winter was actually a blessing for the highly-anticipated Bitcoin futures exchange, Bakkt, CoinDesk reports.

Sprecher revealed during the company’s Q1 earnings call that the ongoing bear market has been “helpful” for Bakkt, which was originally scheduled for launch last December, before being delayed to January, and then delayed indefinitely. Sprecher revealed in February, however, that the plan is to launch Bakkt in late 2019.

“It’s really been helpful that the cryptocurrency [market] went into what they call a winter, [because] it took some of the heat off the timetable to launch,” Sprecher explained, adding that this was just one benefit.

Another benefit is that many crypto startups’ valuations were declined, creating buying opportunities for Bakkt. Sprecher noted:

“We’ve actually been looking at a number of different companies and acquired a company earlier this week that wouldn’t have been available to us if the market was really hot, because the valuations were really hot.”

Sprecher is referring to Bakkt’s acquisition of Digital Asset Custody Company, which is developing a crypto-asset storage platform.

The chief executive admitted that the industry is maturing, and Bakkt is helping it do so. The company has hired a number of engineers through recent acquisitions as well as acquiring assets, including personnel, from Rosenthal Collins Group.

“There’s a lot of interest still in this market,” he said.

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