Bakkt Rakes In $300 Mln from Microsoft and Other Investors During Its Series B Funding Round

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Mon, 03/16/2020 - 14:21
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Alex Dovbnya
Bakkt wraps up its $300 mln funding round with plans to unlock $1 trln worth of digital assets with its new app
Bakkt Rakes In $300 Mln from Microsoft and Other Investors During Its Series B Funding Round
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ICE-backed cryptocurrency venture Bakkt has managed to raise $300 mln in its Series B funding round. Its investors included Microsoft's venture capital arm M12 and Bitcoin hedge fund Pantera Capital. 

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Looking forward 

With its freshly injected capital, Bakkt was able to expand its headcount to 350 employees. One of the most influential companies in the crypto space is currently helmed by Mike Blandina after its former CEO Kelly Loeffler was appointed to the U.S. Senate.    

Bakkt also debuted its new website which contains all the details about its upcoming consumer app that is expected to be rolled out this summer. 

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A trillion-dollar market   

According to the company's blogpost, Bakkt will be able to unlock more than $1 trln worth of digital assets with the help of this app. 

As reported by U.Today, Bakkt also acquired loyalty program provider Bridge2 Solutions, which will allow it to manage all types of digital tokens, including in-game rewards, within the comfort of one app. 

As of now, it powers the loyalty programs of some of the leading financial institutions. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.