Bakkt raises additional 300 million USD in capital

News Desk 17 March 2020

1 minute read

Bakkt launched two years ago with the vision of building trust in and unlocking the value of digital assets for institutions and consumers alike. In 2019 Bkkt helped launch the first end-to-end regulated market for bitcoin and an institutional bitcoin custody offering too.

This week Bakkt announced it has raised an additional $300 million of capital with participation from investors including Intercontinental Exchange, Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital, and Pantera Capital.

For Bakkt digital assets include things as diverse as loyalty and rewards points, in-game assets, merchant stored value, and cryptocurrencies, and collectively represent nearly $1 trillion in consumer spending power. Despite the size of this market, consumers still find digital assets to be difficult to access, confusing to keep track of, and challenging to use.

Bakkt works to provide users control over their digital assets. Whether it’s miles from their favorite airline, loyalty points from the local grocery store, or bitcoin purchased, the Bakkt app enables users to aggregate all of these assets into a single digital wallet. In just a few taps users can use those assets to shop at your favorite merchants, send them to family and friends, or convert them to cash.

The CEO of Bakkt Mike Blandina states, ” I’m excited at our potential to unlock nearly $1 trillion of digital assets when the Bakkt app launches this summer. 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 7 of the top 10 financial institutions and over 4,500 loyalty and incentive programs including 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.”