Posted March 19, 2020
Bakkt has raised a $300 million Series B round of financing, according to a Monday morning announcement.
The companies backing the round include Intercontinental Exchange, Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital, and Pantera Capital, according to a blog post.
"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," Bakkt CEO Mike Blandina wrote in the post.
Bakkt indicated that its consumer-centric app would launch "this summer" – the firm previously indicated that it would go live sometime this year, as previously reported by The Block.
"I’m excited at our potential to unlock nearly $1 trillion of digital assets when the Bakkt app launches this summer," Blandina wrote.
Blandina also built on the idea that Bakkt's app will take an expansive view of the term "digital assets," which would seemingly encompass things like airline miles, reward points and game data.