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

Must Read

Ether Investors Excited about Staking as ETH Balance on Exchanges Surge

This past week, the crypto market enjoyed greens, having recovered most of the losses recorded...

Binance Launches Mining Pool with “Lowest Fees” in the Market

The leading cryptocurrency exchange has officially launched Binance Pool — “a cryptocurrency mining platform dedicated...

Binance Chain 2.0 Coming Soon, Whitepaper of Binance Smart Chain Released

The world’s leading cryptocurrency exchange Binance continues to add a new currency, product, or division...
- Advertisement -BTCClicks.com Banner
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

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

Its’ Finally Here A 100% Local Non-Custodial P2P Cryptocurrency Marketplace.

Finfreeotc is soon launching a one of a kind peer to peer cryptocurrency market place. Their marketplace is 100% non-custodial,...

WorldMarkets continues with the success of its trading artificial intelligence

Today we live in the information age, and access to information is unlimited. And that produces the paradox of misinformation. That's why...

MyTvchain.com Records Growth for The First Blockchain ​​Web Tv Platform Dedicated to Sport Clubs And Athletes

Sophia Antipolis (France) and Singapore: The first web TV platform dedicated to sports clubs and athletes opened in...

Crypto-Broker Instacoins Receives Operating License in Estonia

Instacoins Estonia OÜ, a cryptocurrency brokerage, is pleased to announce it has received an operating license from the Estonian Financial Intelligence Unit (FIU). The...