Bakkt Completes Series B Round of Financing by Raising an additional $300M of Capital
"Excited at our potential to unlock nearly $1 trillion of digital assets"
The Intercontinental Exchange-backed bitcoin and crypto platform, Bakkt has claimed in an announcement post published on Monday, March 16 that it has received more $300 million in its Series B round of financing and with that, it has closed this new round of financing.
According to the announcement post, the investors who have contributed in this round of financing are Microsoft’s venture capital arm M12, Bitcoin hedge fund Pantera Capital, Intercontinental Exchange, management consulting firm Boston Consulting Group, Goldfinch Partners, CMT Digital, and PayU.
It is a great achievement by the crypto asset platform Bakkt because it has raised an amount of $300 in the time when both crypto and stock markets are bleeding by recording the biggest price crashes.
Total raised amount reaches $482 million
With the additional $300 million, the total raised amount has now reached the $482 million figure. Before this, Bakkt had collected $182.5 million till Dec 2018.
The CEO of Bakkt Mike Blandina while making this announcement wrote that after completion of this Series B round of financing, the team of Bakkt now consists of 350 employees. According to Bakkt CEO:
“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.”
Bakkt aims to unlock $1 trillion in Digital assets
The crypto asset platform is now looking forward to unlocking $1 trillion worth of digital assets with its new app after wrapping up its latest financing round. Bakkt CEO asserted:
“I’m excited at our potential to unlock nearly $1 trillion of digital assets when the Bakkt app launches this summer.”
In the announcement post, Bakkt also released details about its app. The Bakkt app will let users aggregate all of their assets into one digital wallet. Bakkt’s intention behind introducing this app is that the users can easily control their digital assets.
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