At a Glance
- Bakkt, a digital asset platform created by the New York Exchange or ICE raised $300 Million Funding in Series.
- Investors participated in good numbers.
- Bakkt to utilize the fund in expanding its base and to roll out its new App this summer.
The Series B Funding
According to the announcement done by Bakkt CEO, Mike Blandina, Bakkt baggs the series B funding worth $300 Million. The funding participants were Intercontinental Exchange, Microsoft M12, PayU, Boston consulting Group, Goldfinch Partners, CMT Digital and Pantera Capital.
In the formal announcement, Blandina briefed about the future plans of Bakkt. The acquisition of Bridge2 solutions and now series B funding created a Bakkt team of 350 employees.
“ 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 airlines,” he said.
Why Bakkt App?
Bakkt App aims at providing a platform where the customers can collectively manage the digital assets. Having the spending power, the customer still finds difficult to handle the reward points or bitcoins, etc.
According to Blandina, customer spending power is nearly $1 Trillion. These include digital assets like loyalty and reward points, in-game assets, merchant stored value, and cryptocurrencies. The customer still finds difficult to access these assets, hard to use and keep track of them is confusing.
Bakkt, considering the main gap between customer spending power and digital assets owned, provides better-simplified solutions.
Bakkt App has many more to offer
The App addresses all the issues of the customers, launching this summer. It gives users control over digital assets. Bakkt App enables the customer to pile up all of their assets at one wallet. Like reward points or Bitcoin purchased etc. These use of digital assets are many like, shop at your merchant place or send them to family or friends. One can them into cash too.
With the release of the Bakkt App, Blandina aims at $1 Trillion digital assets base in summer.
In addition to the App, Bakkt in a joint venture with Starbucks App included Bakkt Cash as one of the payment options. The CEO mentioned in a tweet.
Bakkt App would be helpful for many customers who wish to manage their digital assets in one wallet. The more convenient App usage would be, the more customers tend to use it.
In the coming days, it would be exciting to see the features of the App in real after its launch.
Will the App fulfill the hopes of the customers? Comment your views below.