RATE Group | Bakkt Attracts $300 Million Funding as Bitcoin Sell-off Continues
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Bakkt Attracts $300 Million Funding as Bitcoin Sell-off Continues

16 Mar Bakkt Attracts $300 Million Funding as Bitcoin Sell-off Continues

Posted at 15:54h in Bitcoin News by

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Crypto derivatives provider Bakkt raised $300 million in its latest financing round even as its core portfolio asset bitcoin suffered huge losses amidst the Coronavirus-led sell-off.

According to the announcement, penned by Bakkt’s CEO Mike Blandina, Intercontinental Exchange, PayU, Microsoft’s M12, Goldfinch Partners, Boston Consulting Group, Pantera Capital, and CMT Digital all contributed to the series B. Mr. Blandina confirmed that they would use the proceeds to build and promote its upcoming mobile application.

Away from its primary services, which included end-to-end trading and custodial solutions for institutional bitcoin investors, Bakkt plans to offer smart digitization via its upcoming app. Mr. Blandina said their new product would allow users to aggregate their digital assets, including bitcoin, airline miles, and loyalty points, all in 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…

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