Bakkt receives $300M in funding to develop its mobile app

posted 4 months ago
Crypto derivatives provider Bakkt raised $300 million in its latest financing round, this occurred during the recent “Coronavirus-led sell-off.” Bakkt’s CEO Mike Blandina said that Intercontinental Exchange, Microsoft’s M12, Pantera Capital and others contributed to the funding round. The proceeds will be used to build and promote its upcoming mobile application. Bakkt plans to offer “smart digitization” through its upcoming app. Their new product aims to allow users to aggregate their digital assets, including Bitcoin, airline miles, and loyalty points in a single digital wallet.

The CEO wrote “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… We believe that you hold more value than you realize and we’re here to help you track, spend, and send your digital assets however you want… I’m excited at our potential to unlock nearly $1 trillion of digital assets when the Bakkt app launches this summer.”
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