Bakkt announced the completion of a $300 million Series B funding round, in a blog post on Monday. Investors include Intercontinental Exchange, Boston Consulting Group, PayU, Pantera Capital, CMT Digital, Goldfinch Partners, and Microsoft’s M12.
The announcement comes as Bakkt has been aggressively expanding its operations and services. According to the announcement, Bakkt now employees some 350 team members, and is preparing to launch its own app sometime this summer. CEO Mike Blandina described the company’s plans:
I’m excited at our potential to unlock nearly $1 trillion of digital assets when the Bakkt app launches this summer. 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. We have the unique opportunity to leverage the technology, infrastructure and partners across our businesses to bring innovative new products to market and in doing so expand access to the global economy.
Blandina also noted that the upcoming Bakkt app will help users aggregate their different digital assets – cryptocurrencies, airline miles, and loyalty points - in one single digital wallet. From the app, customers will be able to convert their different digital assets to cash, transfer value to loved ones, or shop.