ICE’s Crypto Trading Platform Bakkt Completes $300M USD Series B Financing

Investing, News | March 17, 2020 By:

Bakkt, a digital assets platform developed by the Intercontinental Exchange (ICE), has raised $300 million in a Series B financing round. Investors include Intercontinental Exchange, Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital and Pantera Capital.

Bakkt, first announced in August 2018, is a cryptocurrency platform that aims to bring digital assets to the mainstream and help unlock the potential of the technology. The firm wants to create a “seamless” global ecosystem for cryptocurrencies that would cover the spectrum from federally regulated markets and warehousing to merchant and consumer needs. In 2019, they helped launch the first end-to-end regulated market for bitcoin and an institutional bitcoin custody offering.

Bakkt CEO Mike Blandina said that he is excited at their potential to unlock nearly $1 trillion of digital assets when the Bakkt app, which enables users to aggregate all digital assets, 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,” Blandina said. “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.”