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

Must Read

Eight Things in Crypto You Can’t Afford to Miss This Week

In this roundup, we cover China's market-rattling resistance to Bitcoin, the increasing drumbeat toward crypto regulation, the...

Why the Cloud Industry Needs to Become Greener

According to Energy Post, the Internet will consume 20% of the projected electricity demand...

Your Wallet May Not Be as Secure as You Think; Here’s What To Do

Remember the egregious breach that exposed Ledger’s entire trove of customer data to the public?...
- 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

Sunday Market Analysis from Trendtracers

BTCUSDT. First impression is bearish, there seems to be yearly support at around 28k, We’re expecting more...
- Advertisement -Earn Free Bitcoin

Earn Passive Income with Nhash Cloud Mining Services

Cloud mining services are an easy way to earn passive income online. Although...

Afri-X and DigiShares Bring Tokenization to Africa

DigiShares is proud to announce its partnership withAfri-x.com to deliver the power of tokenization to Africa. DigiShares has licensed its tokenization platform to...

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 announce that it has been...

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...