Amid the massive global market crisis, and the rippling effect it has had on the Bitcoin market, one business that has a focus on institutional cryptocurrency investors — Bakkt — has raked in $300 million in a Series B round. Bakkt has been bolstered by Microsoft's M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital, Pantera Capital and Intercontinental Exchange, the latter being its parent company.
Bakkt was touted to be a big turning point in the evolution and uptake of cryptocurrency for the traditional and institutional investors. The company began its journey some two years ago with the first year focused primarily on achieving solid regulatory approval.
The platform allows for Futures trading on the price of Bitcoin with the notable exception being that the payout from such contracts is done in Bitcoin, rather than cash such as is done at CME.
“Bakkt launched two years ago with the vision of building trust in and unlocking the value of digital assets for institutions and consumers alike,” newly appointed Bakkt CEO Mike Blandina wrote. “Since then, we have been focused on delivering that vision. In 2019 we helped launch the first end-to-end regulated market for Bitcoin and an institutional bitcoin custody offering too.”Expanding its offering
Part of the plans for this new injection of funding at Bakkt is the launch of a cryptocurrency exchange app due to be released in the Summer. In order to assist this move, ICE had recently acquired Alpharetta-based Bridge2 Solutions, a provider of loyalty solutions for merchants and consumers, which was then acquired by Bakkt.
It was earlier speculated that Bakkt would use Bridge2 Solutions technology to design a platform that would allow users to cash in and trade loyalty program points for Bitcoin ...