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Bakkt reports higher returns this year despite criticism

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There was a sharp rise in the profits gained by the Intercontinental Exchange (ICE) as the profits earned were almost 14% higher than the previous year as in the last quarter the net income soared to $1.3 billion. Greater things are expecting of ICE as it will soon become the parent to Bakkt, a crypto trading platform that deals in Bitcoin futures set physically.

However, Bakkt still has some time and developing remaining before it is launched and requires quite some investments to be made.

ICE’s chief financial officer stated that the investment would depend on the progress in the first quarter though he gave an estimate saying that the expense will generate around “$20 to $25 million” and that there will be further updates upon the matter. He stated that the funds will be used to aid in the development of Bakkt and other important initiatives and that the investments in the tech sector are bound to increase.

CEO of ICE, Jeff Sprecher, stated that another funding round would be held in order to bring more investors. Currently, ICE is the primary investor in the project. Furthermore, he stated that the project had caught the attention of various companies that are now working with or investing in the project.

Then he outlined the sectors of industry that ICE dealt in, these ranged from settlement capabilities all the way to global infrastructure under various legislations and jurisdictions. Moreover, he stated that ICE is linked across the globe and this can be utilized by the crypto-sphere through Bakkt.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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