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The CEO of Intercontinental Exchange (ICE) expects the company's digital badet platform, Bakkt, to be launched later in 2019. This statement was made by ICE CEO Jeff Sprecher, in a call for results on Thursday, February 7th.
The call focused on ICE's financial results for the fourth quarter and the year 2018. Sprecher explained that the company had spent more than $ 1 billion on strategic initiatives, including launching the platform. digital badets.
ICE manages 23 leading global stock exchanges, as well as the New York Stock Exchange.
Scott Hill, the company's chief financial officer, also revealed his expectations for what Bakkt should spend, based on his current financial performance:
"Finally, our investment in Bakkt will generate $ 20 million to $ 25 million in expenses based on the first quarter rate of return. We will keep you informed of Bakkt's progress and level of investment during the year. "
Asked about expected returns or revenue growth from recent investments, including those from Bakkt, Sprecher called the encryption platform a "moonshot bet" for ICE:
"So it's a bit stronger and it's been organized very differently from the way ICE generally handles business. […] They are building an infrastructure that I think you will see later this year. "
Sprecher added that Bakkt exists independently of ICE as it has its own offices, management team and infrastructure. He noted that the project infrastructure has already attracted a number of leading investors and partners, including Starbucks and Microsoft, as Cointelegraph has already pointed out.
Hill concluded that Bakkt is more of a long-term project than a program focused on 2019. "I think Bakkt is really an investment […] It's more about the future, the revenues and the market opportunities we see in the future, and less about 2019, "Hill said.
ICE announced for the first time the launch of its digital badet platform in August 2018. The launch of the company was scheduled for early 2019, but the date was delayed due to ongoing consultations with the Commodity Futures and Trading Commission of the United States.
On Saturday, February 9, ICE announced the completion of its first acquisition of badets in the Rosenthal Collins Futures Broker Group, announced for the first time in mid-January.
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