Crypto derivatives provider Bakkt announced closure of $300 million Series B fundraising round and shared additional details in a blog post on Monday about its upcoming mobile app.
According to CEO Mike Blandina’s post, participants in the financing round include, Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital, Pantera Capital and Bakkt parent company Intercontinental Exchange (ICE).
Blandina also referenced the acquisition by Bakkt of Bridge2 Solutions, a loyalty service provider which was first announced in February. Bakkt, which focused on launching Bitcoin futures and options contracts over the first year of operations with its parent firm ICE, announced in October that it would target a retail clientele with a consumer-focused app.
Bridge2 Opening Up Bakkt $1 trl Asset Class
During a February earnings call, ICE CEO Jeffrey Sprecher said he saw the Bridge2 acquisition as potentially opening up Bakkt to an asset class worth $1 trillion.
“I’m excited at our potential to unlock nearly $1 trillion of digital assets when the Bakkt app launches this summer,” Blandina wrote Monday. “With the completion of our Series B financing and recent acquisition of Bridge2 Solutions, Bakkt is now a team of 350 employees and powers the loyalty redemption programs for seven of the top 10 financial institutions and over 4,500 loyalty and incentive programs including two of the largest U.S. airlines.”
Furthermore, Blandina said the firm plans to launch the app by the summer. “Digital assets have been around for decades, and we all have way more value there than we realize. We’re laser focused on getting consumers access to that value and making it as easy to spend as if it were cash,” Bakkt President Adam White said.
Cryptolydian reported earlier that, Bitcoin options contracts have seen slow performance on the cryptocurrency platform Bakkt of the Intercontinental Exchange (ICE) after less than one month from their launch.