Institutional investors show their interest in the digital asset industry as they pour multi-million-dollar support for Bakkt, the Bitcoin futures exchange of Intercontinental Exchange (ICE).
The Bakkt platform, that allows big institutional players to invest in Bitcoin futures has raised an additional $300 million of capital in series B round. According to the post of CEO Mike Blandina, the company has been backed by investors such as Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital, Pantera Capital and the parent company Intercontinental Exchange.
Bakkt was talked to be a big game-changer in the crypto industry because of its plans to allow institutional investors to conduct business with digital currencies more efficiently. Mike Blandina said in his post:
Bakkt launched two years ago with the vision of building trust in and unlocking the value of digital assets for institutions and consumers alike.
The company fulfilled its plans by launching the physically-settled Bitcoin futures platform last year. The Bakkt regulated platform was said to apply technology created by Microsoft.
Expanding the service range
Part of the funds gained by the latest fundraising will probably be used for the new app of Bakkt, that is already scheduled to be launched this summer.
The application will help users to access, control and keep track of their various digital assets, which collectively represent nearly $1 trillion in consumer spending power, Blandina said. He also noted that:
Whether it’s miles from your favorite airline, loyalty points from the local grocery store, or bitcoin you’ve purchased, the Bakkt app enables you to aggregate all of these assets into a single digital wallet.
Most likely, for this reason, Bakkt has recently acquired Bridge2 Solutions. A company provides loyalty solutions for merchants and consumers and is possibly meant to design a platform that allows Bakkt’s app users to cash in and trade loyalty points for Bitcoin and cash.
The company currently powers 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.