Crypto exchange Bakkt, known as the first platform with deliverable crypto futures, is losing a significant part of its investment. The founder and main shareholder of the platform is Intercontinental Exchange - a network of stock exchanges and clearing houses, located in the USA, Canada and Europe.
The US SEC released data, provided by the organization, that in the 3rd quarter, ICE reduced funding in Bakkt from $1.5 billion to $400 million.
Bakkt informs the financial regulator of a $1.3 billion loss. Investors, in turn, responded by selling shares, which fell by 10%, at a low price.
ICE launched the platform in 2018 with the goal of attracting investors with the chance to legally receive Bitcoin when the futures expire. The owner of large crypto exchanges could not convince the SEC USA to give permission for the supply of a real asset, and he was forced to make 2 different licenses for derivatives and New York State Bitcoin.
As a result of the small size of sales and the 10th position in the list of crypto derivatives exchanges at the start, the implementation of the plan was inadequate. At the moment, Bakkt is not in the top 50, and this was the reason for reducing ICE investments.
The shareholder takes into account the situation with the protracted crypto winter and believes that this will lead to a decrease in trading on the platform. However, the successful operation of the DEX demonstrates that these platforms will increase competition in the market in the future.
Earlier, it was reported that the Bakkt cryptocurrency exchange is listed on stock exchanges through SPAC transactions. And the SEC launched a trial over the work of Yuga Labs.
