Bakkt acquires Rosenthal Collins Group, the company owned by ICE announced this in a statement on its blog.
The goal of this acquisition is to improve risk and treasury management operations through new systems and expertise.
In fact, Bakkt has entered into an agreement to acquire certain assets of Rosenthal Collins Group (RCG), an independent company that has been operating in the futures market for almost 100 years.
In December, RCG announced the sale of all of its client accounts to Marex Spectron, one of the world’s largest commodity brokers, and Bakkt also took part in this transaction, purchasing some “valuable” resources related to the development of its platform.
The operation will be definitively concluded in February, with the acquisition of the members of the RCG team.
This acquisition, in addition to improving risk management and treasury operations, will also affect regulatory, AML/KYC and customer service operations, offering customers greater choice and control between buyers and sellers.
In the official announcement, Bakkt’s CEO, Kelly Loeffler, stressed that this initiative shows that the company is not standing still for CFTC approval and that their mission requires significant investment in technology to create an innovative and reliable platform.
In addition, Bakkt confirms that the vision is to bring digital resources into the mainstream, enabling efficient transactions between consumers and merchants.
“While DLT and cryptocurrencies are early in their development, we are committed to expanding the use of this technology to promote choice by building a fair, efficient platform for digital assets globally”.
In an interview with Fortune, Loeffler added that Bakkt is essentially acquiring part of Rosenthal’s back office, traditionally focused on the institutional side of the futures market.