Bakkt will add the digital logistics company to its expanding list of offerings via its parent company, Intercontinental Exchange Inc. This move represents the increasing interest in cryptocurrencies by the legacy financial space.
ACQUISITION TAKES BAKKT IN A DIFFERENT DIRECTION
Established in 2018, Bakkt offers Bitcoin futures and custodial cryptocurrency solutions. Bridge2 Solutions is a provider of digital services such as loyalty programs and event tickets. Thus, Bakkt is clearly looking to expand beyond its current offerings.
Of particular note is the fact that Bridge2 Solutions works with dozens of the world’s largest retail companies, including Amazon.com, Target, and BP. Thus, the impact on crypto adoption could be tremendous.
Intercontinental Exchange will make the acquisition, but will pay for it with Bakkt’s soon-to-close series B funding.
Presently, Bakkt has focused on institutional investors, with purchase limits and custodial offerings geared toward large sums. Nevertheless, it has long been expected to expand into the consumer space. This move is thus not surprising.
Bakkt is also developing a consumer app, and is investigating cryptocurrencies other than Bitcoin. Read More...