It looks like Bakkt is becoming bigger and bigger, as its parent firm International Exchange (ICE) announced on Wednesday that it agreed to acquire the consumer and merchants’ loyalty solutions provider Bridge2 Solutions.
Bakkt will use the funds that it’s continuing to obtain from the Series B fundraising round for acquiring Bridge2 and implementing its tools into its own consumer app. This is what Mike Blandina, the CEO of Bakkt, wrote in a statement about the matter:
“With the launch of the Bakkt app, we will, for the first time, offer consumers a robust platform to consolidate and use all of their digital assets, from crypto to loyalty points to in game tokens, in one user-friendly wallet.”
Bakkt Will Launch New Products
Blandina added that Bakkt is going to take advantage of the relationships Bridge2 has developed with merchants and banks, also of its Loyalty Pay solution, in order to launch its new products.
The company revealed that it has the intention to create a mobile app for consumers back in October 2019. Blandina was at that time a chief product officer. This is what he wrote in a blog post regarding Bakkt’s plans after revealing its intentions:
“[Bakkt] will make it easy for consumers to discover and unlock the value of digital assets. Merchants gain access to a broader set of customers with expanded spending power.”
The App Will Support Many Assets and Other Virtual Forms of Value
The app won’t support just Bitcoin (BTC), even if a list with the supported assets and other virtual forms of value hasn’t yet been made public. Its launch date is scheduled for the first half of this year. In 2019, Bakkt launched as a BTC warehouse focused on institutional investors and that offers options and futures contracts in collaboration with ICE.
Bakkt’s former CEO, Kelly Loeffler, has been appointed by Georgia Governor Brian Kemp to the US Senate, so Blandina and the COO Adam White have taken the presidential roles in the company.
The acquisition to be subsequently combined with Bakkt, extending Bakkt’s push into consumer digital asset management.https://t.co/8cxsgf5tDj
— Bakkt (@Bakkt) February 5, 2020