Bakkt Plans Efficient Consumer Payments with First Acquisition
‘Certain assets’ from the Rosenthal Collins Group, a futures and options commodities firm, gets acquired by digital asset platform, Bakkt. The acquisition was announced last 14 January by CEO Kelly Loeffler.
‘The acquisition will aid our consumer business as we build Bakkt.’
In a Medium post, Loeffler emphasizes that their mission to be ground-breaking in platform and financial market expertise demands a significant tech investment. This will help Bakkt as the firm strives to bring in a trustworthy digital asset and fintech ecosystem.
The announcement was made as the Bakkt platform launch nears; slated for 24 January 2019. But there are reports of a possibility for a delay citing a 30-day commenting period and the partial US government shutdown as likely reasons.
Streamlining Payments and Expanding Risk Management
The procurement will lead Bakkt to utilize expertise and reinforce their vision, especially for a more efficient payment system between merchants and consumers. Loeffler also remarks that this will dilate the firm’s risk management and their digital asset custodial services. Further, this acquisition will lend a hand to the KYC and AML regulatory essentials.
About Bakkt’s First Acquisition: RCG
Existing since 1923, the Rosenthal Collins Group is an independent futures and options commodities group specializing in managing accounts for investors and institutions. They do this, with minimum default risk, by moving funds, managing collateral, and maneuvering trades via bank-owned clearinghouses.
On December 2018, Marex Spectron Spectron bought the RCG customer accounts franchise.
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