As the cryptocurrency market goes through one of its most vicious and swift crisis, Bakkt, the Bitcoin futures contract exchange, continues to invest in infrastructure. The company completed another financial round, gathering $300 million in investments from Microsoft’s M12, Goldfinch Partners, the Intercontinental Exchange, and so forth.
Bakkt Completes $300M Series B
In an official post from today, March 16th, Bakkt’s CEO Mike Blandina, revealed that the Bitcoin futures trading exchange managed to close another successful investment round. In its Series B, Bakkt raised $300 million of capital from prominent actors such as Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, the Intercontinental Exchange, CMT Digital, and Pantera Capital.
According to the CEO, Bakkt has substantially expanded its staff and continues to build on. Speaking on the matter, Blandina said:
With the completion of our Series B financing and the 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.
Bakkt’s Incoming App Launch
Another thing that Blandina touched upon was the upcoming launch of Bakkt’s application. Supposedly, it will allow users to aggregate their loyalty and reward points, as well as in-game assets, cryptocurrency, and cash, under one roof, and manage it from there.
The app would also allow users to convert digital assets into cash and benefit from instant liquidity. These include airline miles, gaming assets, loyalty points, and so forth.
As Cryptopotato recently reported, Bakkt’s owner – ICE, agreed to acquire a leading provider of loyalty solutions – Bridge2 Solutions. Following the acquisition, it was outlined that Bakkt will integrate it within its service list to accelerate the platform’s consumer application and transform it into a complete ecosystem for its clients.