Friday, January 08, 2021 2:09:06 PM
Today Bakkt, the offshoot of New York Stock Exchange owner ICE, announced it completed a $300 million Series B round. This follows a $182.5 million Series A at the end of 2018.
The latest investors include Intercontinental Exchange, Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital and Pantera Capital.
To date, Bakkt is known for its Bitcoin options and futures, which have not attracted massive volumes. With a new focus on consumers, in the summer Bakkt plans to launch a consumer app, targeting use cases such as rewards, in-game assets as well as digital versions of merchant ‘value’ such as Starbucks cards.
This fits with the background of new CEO Mike Blandina who took over as CEO in December. He is the former VP of engineering at Paypal.
A large slice of the Series B proceeds is for the acquisition of rewards company Bridge2 Solutions. In early February, ICE announced it had acquired Bridge2, and Bakkt would use the proceeds of its Series B round to take control of the company from ICE. Around the same time, ICE also considered a bid for eBay, something which attracted many raised eyebrows.
Rewards firm Bridge2 provides a solution for seven of the top ten financial institutions as well as 4,500 loyalty and employee incentive schemes. This includes programs for two US airlines.
Both rewards and in-game assets are recognized as strong blockchain use cases. Although, to date, the enterprise blockchain use case for rewards has been in the background. In contrast, Bakkt wants to enable users to convert rewards, miles and points into cash, cryptocurrency or even in-game assets.
American Express is using blockchain for its rewards program, which is the firm’s largest expense of $10.4 billion in 2019.
Blockchain startup Loyyal recently announced a rewards deal with Emirates. Several other airlines are already using blockchain, including Singapore Airlines, Cathay Pacific, and AirAsia.
https://www.ledgerinsights.com/bakkt-rewards-ice-microsoft-bcg-300m-series-b/
Recent BKKT News
- AI & Technology Hybrid Investor Conference Agenda: Presentations Now Available for Online Viewing • GlobeNewswire Inc. • 04/12/2024 02:07:03 PM
- AI & Technology Hybrid Investor Conference Presented by Water Tower Research Agenda Announced for April 10 and 11 • GlobeNewswire Inc. • 04/09/2024 02:26:42 PM
- SWIFT Innovates in CBDC Solutions, SEC Imposes Billion-Dollar Fine on Ripple Labs, Tether Ventures into AI, and Latest News • IH Market News • 03/26/2024 07:24:10 PM
- Bakkt Reports Fourth Quarter and Full Year 2023 Results • Business Wire • 03/25/2024 08:20:00 PM
- Bakkt Announces Leadership Transition • Business Wire • 03/18/2024 08:51:00 PM
- Crypto: Ethereum’s Dencun Update Goes Live, Quantum Blockchain’s ‘Method C’ Revolutionizes Mining, and Latest News • IH Market News • 03/14/2024 04:07:24 PM
- Bakkt Notified by NYSE of Non-Compliance with NYSE Trading Share Price Listing Rule • Business Wire • 03/13/2024 09:40:00 PM
- Bakkt Now Available Through Unchained’s Collaborative Custody Network • Business Wire • 03/08/2024 01:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/04/2024 05:31:33 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 03/01/2024 09:31:53 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 03/01/2024 09:28:19 PM
- Bakkt Announces $40 Million Registered Direct Offering with Institutional Investors and $10 Million Concurrent Registered Direct Offering • Business Wire • 02/29/2024 01:52:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/29/2024 11:30:24 AM
- Bakkt Announces Preliminary 2023 Financial Results; Preliminary Estimates Within Previously Provided Guidance • Business Wire • 02/29/2024 11:25:00 AM
- Bakkt Schedules Conference Call to Discuss Fourth Quarter and Full Year 2023 Results • Business Wire • 02/27/2024 01:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 02:46:21 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 02:28:12 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 02:00:28 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 01:48:53 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/23/2024 09:23:56 PM
- Swan Bitcoin and Bakkt Team Up to Provide Bitcoin Trading Across 49 U.S. States • Business Wire • 02/22/2024 01:15:00 PM
- Crypto: Chainlink and Telefonica Forge Alliance, Klaytn-Finschia Merger, and Latest Updates • IH Market News • 02/15/2024 05:40:20 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 02/15/2024 05:15:15 AM
FEATURED Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • Apr 22, 2024 8:49 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Kona Gold Beverages, Inc. Prepares for First Production Run Set to Launch May 17, 2024 • KGKG • Apr 22, 2024 8:30 AM
VPR Brands LP Reports Record Annual Financial Performance for Fiscal Year 2023 • VPRB • Apr 19, 2024 11:24 AM
Coinllectibles' Subsidiary, Grand Town Development Limited, Acquires Rare Song Dynasty Ceramics Worth Over USD28million • COSG • Apr 18, 2024 8:03 AM
ILUS Provides Form 10-K Filing Update • ILUS • Apr 17, 2024 9:54 AM