Bakkt to Acquire Bridge2 to Accelerate Development of Its Consumer App
ICE's cryptocurrency subsidiary Bakkt will acquire Bridge2 Solutions after completing its Series B funding round. Its parent company made an announcement about buying the leading loyalty solution provider earlier in the day.
Alex DovbnyaFocusing on the consumer
The acquisition of Bridge2 Solutions, which manages some of the largest redemption sites in the US, will allow Bakkt to propel the development process of its upcoming consumer application. According to the company's CEO Mike Blandina, the app will be a one-in-all solution for managing all types of digital assets, from cryptocurrencies to in-game tokens.
Bakkt will benefit from Bridge2 Solutions' close ties with banks and merchants. Meanwhile, the "Loyalty Pay" program will enable retailers to accept rewards currencies via digital wallets.
"Combining Bridge2 Solutions’ embedded relationships with banks and merchants and their innovative Loyalty Pay solution will enable us to launch new products that further drive loyalty and empower consumers to trade, transfer and spend digital assets in entirely new ways,” Blandina wrote.
Bakkt's upcoming app
As reported by U.Today, Bakkt revealed its plan to launch a consumer app back in October. Its rollout is slated for the first half of 2020.
Coffee chain giant Starbucks will become the first retailer to take the app to a test drive. The corporation is also expected to start using crypto for managing its prepaid cards.
In order to persuade other merchants to adopt its app, Bakkt will need a huge marketing push.
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