$300M Series B Financing Capital Gained by Bakkt With More Investors Getting On Board  (#Crypto #News)

  • Bakkt has announced an additional $300 million of capital earlier this week.
  • The investors included its parent company Intercontinental Exchange along with investors such as Microsoft’s M12 and Pantera Capital.
  • On top of this, the platform has taken to its website to update users with new details in regards to the application which is set to launch later this year.

The Bakkt platform has recently announced a further $300 million of Series B Financing capital earlier this week. The investors included its parent company Intercontinental Exchange along with investors such as Microsoft’s M12 and Pantera Capital.

On top of this, the platform has taken to its website to update users with new details in regards to the application which is set to launch later this year.

Made by the CEO of Bakkt, Mike Blandina, the announcement stated that he was excited for the potential to unlock almost $1 trillion worth of digital assets when the application launches this summer. 

He has 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.”

In terms of derivatives, the open interest for bitcoin futures has been significantly on the low after an all-time high of $18 million early this year on the 17th of February.

The announcement further said:

“At Bakkt, we take a broad view of digital assets. Digital assets include things as diverse as loyalty and rewards points, in-game assets, merchant stored value, and cryptocurrencies, and collectively represent nearly $1 trillion in consumer spending power. Despite the size of this market, consumers still find digital assets to be difficult to access, confusing to keep track of, and challenging to use.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!


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Source: https://cryptodaily.co.uk/2020/03/300-series-b-bakkt-board

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