- Cryptocurrency futures platform, Bakkt raises $300 million USD in a series B funding round.
- Microsoft M12, Pantera Capital and parent company, Intercontinental Exchange (ICE) all participated in the funding round.
- Bakkt to launch mobile application later in the year.
In a statement released from Bakkt CEO, Mike Blandina, the cryptocurrency futures platform closed one of the largest funding rounds across crypto, raising $300 million USD in a series B round. The top participants in the funding round includes parent firm Intercontinental Exchange (ICE), Boston Consulting Group (BCG), Pantera Capital, Microsoft’s M12, PayU, Goldfinch Partners and CMT Digital.
Bakkt Completes $300 Million Series B Financing
Investors include Intercontinental Exchange, Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital, and Pantera Capitalhttps://t.co/4abULxemmw
— Bakkt (@Bakkt) March 16, 2020
The new funding round will be used to improve the Bitcoin derivatives trading features on the platform. Furthermore, the derivatives platform is focusing on the launch of its mobile application in the summer which is expected to boost the volumes traded on Bakkt. Blandina wrote in his address on Monday,
“I’m excited at our potential to unlock nearly $1 trillion of digital assets when the Bakkt app launches this summer.”
Mike also mentioned the acquisition of the legacy platform that launched the crypto derivatives trading to ICE’s retail investors – Bridge 2 solutions. The Bridge 2 solutions platform will onboard new retail customers to the platform while offering a loyalty bonus program for its clientele. Blandina wrote,
“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.”
Despite the low volumes traded at the start of the year by Bakkt, Mike remains hopeful of a possible boost in volumes once the app launches.