Bakkt holds a Series B funding round, raises over $300m

on Mar 16, 2020

Intercontinental Exchange’s Bitcoin futures startup, Bakkt, recently held a Series B funding round, which ended up being quite a success. According to the company’s announcement, published earlier today, the firm seems to have raised $300 million.

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The blog post also notes that there were multiple high-profile corporations backing the round. Bakkt’s own Intercontinental Exchange was one of them, while another was Microsoft’s M12. Other participants included Goldfinch Partners, Pantera Capital, Boston Consulting Group, as well as CMT Digital.

Bakkt’s CEO, Mike Blandina, commented on the funding round by saying that its completion, alongside the recent acquisition of Bridge2 Solutions, has turned Bakkt into a large team of 350 employees. Not only that but the company now also powers the loyalty redemption program for seven out of the top ten financial institutions.

In addition, it also powers more than 4,500 loyalty and incentive programs, which include two of the largest airline companies in the United States.

Bakkt’s new app to see launch ‘this summer’

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While this is quite an achievement for such a young company, that is not all that Bakkt had to announce. The company also indicated that it will launch its new consumer-oriented app, likely during the summer of 2020. The company mentioned its app in previous announcements, although it was quite vague with the time of launch, only indicating that it will go live ‘sometime this year.’

Blandina continued by saying that he is excited by the company’s potential to soon unlock nearly $1 trillion of digital assets once the app sees launch ‘this summer.’ Finally, Blandina also continued to build on the idea that the app will take a more expansive view of the term ‘digital assets.’ With that in mind, the term would seemingly encompass some additional things, such as reward points, airline miles, and even game data.