Bakkt Secures $300 Million in Series B Funding to Focus on its Consumer App & “Unlock $1 trillion of Digital Assets”

Must Read

Gen2 Technologies’ Iris Media Network Signs Up Colin Garrett Racing

SPARKS, Nev., April 14, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is pleased to...

Ethereum Blockchain: Current news and prediction round the future

 Ethereum is more sheltered than you may think, but by means of a decentralized app or exchange that hasn't...

Racing For Heroes selects Gen2 Technologies as a Key Technology Partner

SPARKS, Nev., April 7, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is proud to...
- Advertisement -
Earn Free Bitcoin

Launched two years ago, Intercontinental Exchange’s (ICE) Bakkt has now bagged $300 million in Series B funding round, announced Mike Blandina, Chief Executive Officer at Bakkt on Monday.

This additional capital was raised with participation from its parent company ICE, Microsoft’s M12, PayU, Pantera Capital, Goldfinch Partners, Boston Consulting Group, and CMT Digital.

“I’m excited at our potential to unlock nearly $1 trillion of digital assets when the Bakkt app launches this summer,” said Blandina.

With the completion of Series B financing and the recent acquisition of Bridge2 Solutions, Bakkt has now become a team for 350 employees.

Unique opportunity to leverage the technology

With this announcement, the company also shared that after launching the first end-to-end regulated market for bitcoin and an institutional bitcoin custody offering in 2019, they are now focused on its consumer app.

The Bakkt app enables the user to aggregate all of their digital assets that involve loyalty and rewards points, in-game assets, merchant stored value, and bitcoin, into a single digital wallet.

With just a few taps, this app will allow the users to use these digital assets to convert them to cash, send them to family and friends, or shop at merchants.

The company is currently powering the loyalty redemption programs for 7 of the top 10 financial institutions and more than 4,500 loyalty and incentive programs that includes two of the largest US airlines.

“We have the unique opportunity to leverage the technology, infrastructure and partners across our businesses to bring innovative new products to market and in doing so expand access to the global economy,” said Blendina.

Financial devastation allows a new bull market to be born

This news came at a point when the market is running red with losses and fear as the price of bitcoin trades just above $5,000 after a violent sell-off last week. This announcement will help the community in keeping their calm and faith that no matter the price, the industry will continue to develop and as Goldman Sachs’ chief equity strategist David Kostin wrote,

“The lesson of prior event-driven bear markets is that financial devastation ultimately allows a new bull market to be born.”

- Advertisement -
- Advertisement -

Latest News

Bitpanda raises $170M in funding round

Austria-based cryptocurrency firm Bitpanda has closed a $170 million funding round to further the firm's international growth.
- Advertisement -Earn Free Bitcoin

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...

DigiShares Releases Industry Report on Real Estate Tokenization

DigiShares, a white label security token issuance solutions provider, has released a detailed report outlining the state of the global...

Gen2 Technologies (MNIZ) To Hold Quarterly Update

SPARKS, Nev., March 29, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) wishes to inform its loyal shareholders that it...

Digital Securities & Tokenization Summit Announced for May 2021

Press Release 24 March 2021 DigiShares, the end-to-end white-label platform for...