Bakkt completes $300 Million Series B financing
Capital raise to advance the unlocking of digital assets such as loyalty and rewards points, cryptocurrencies, gift cards & gaming assets
Bakkt launched two years ago with the vision of building trust in and unlocking the value of digital assets for institutions and consumers alike. Since then, we have been focused on delivering that vision. In 2019 we helped launch the first end-to-end regulated market for bitcoin and an institutional bitcoin custody offering too.
Today, we are pleased to announce that Bakkt has raised an additional $300 million of capital. We have also udpated our website with new details about the Bakkt App scheduled to launch this summer.
At Bakkt, we take a broad view of digital assets. Digital assets include things as diverse as loyalty and rewards points, in-game assets, merchant stored value, gift cards, and cryptocurrencies, and collectively represent nearly $1 trillion in consumer spending power. Despite the size of this market, consumers still find digital assets to be difficult to access, confusing to keep track of, and challenging to use.
Bakkt gives users control over their digital assets. Whether it’s miles from your favorite airline, loyalty points from the local grocery store, or bitcoin you’ve purchased, the Bakkt App enables you to aggregate all of these assets into a single digital wallet. 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. With the completion of our Series B financing and recent acquisition of Bridge2 Solutions, Bakkt is now a team of 350 employees and powers the loyalty redemption programs for 7 of the top 10 financial institutions and over 4,500 loyalty and incentive programs including two of the largest US airlines. We have the unique opportunity to leverage the technology, infrastructure and partners across our businesses to bring innovative new products to market and in doing so expand access to the global economy.
To sign up for exclusive updates and early access to the Bakkt app, please visit www.bakkt.com/signup.