- Bakkt has raised $300 million in a Series B round
- M12, Boston Consulting Group and Pantera Capital were among the investors in the round
- Bakkt's mobile app is expected to launch this summer
Bakkt, the crypto-focused firm that was launched by New York Stock Exchange operator ICE with support from partners including Microsoft, Starbucks and Boston Consulting Group, have just announced that they raised $300 million in a Series B round.
Some of the investors that participated in this round include M12 (Microsoft’s venture capital arm), Pantera Capital, Boston Consulting Group and PayU. In the post, Bakkt CEO also revealed that the company now has 350 employees after Bakkt’s acquisition of Bridge2 Solutions, which was announced earlier in 2020.
Bakkt’s first product that went live were physically-settled Bitcoin futures. The product was launched in September of 2019, but the initial volumes disappointed much of the cryptocurrency community. In the following months, Bakkt’s Bitcoin futures managed to gain more traction, but they are still dwarfed by Chicago-based CME’s Bitcoin futures. According to Skew, Bakkt’s BTC futures generated $11.3 million worth of trading volume on March 13, while this figure was at $476 million for the CME.
Bakkt's mobile app is coming in the summer
However, Bakkt has other ambitions in addition to providing institutional-grade cryptocurrency trading infrastructure. The company is targeting digital assets more broadly with their upcoming mobile app, which will let consumers exchange various digital forms of value, including cryptocurrencies, loyalty points and airline miles, for cash. The app is expected to launch this summer. Here’s what Mike Blandina had to say:
“Bakkt gives users control over their digital assets. 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. In just a few taps you can use those assets to shop at your favorite merchants, send them to family and friends, or convert them to cash.”
Big funding rounds are nothing new for the cryptocurrency and blockchain space – for example, blockchain-powered fintech firm raised $200 million in a Series C round announced in late 2019.
Bakkt has raised $300 million in a Series B round
M12, Boston Consulting Group and Pantera Capital were among the investors in the round Bakkt’s mobile […]