Bakkt: $300 Million In Funding And Starbucks Integration

By Amit Chowdhry ● March 17, 2020
  • Bakkt, a company that is unlocking over $1.2 trillion of digital assets currently held in cryptocurrencies, rewards and loyalty points, gaming assets, and merchant stored value, announced it raised $300 million in funding

Bakkt, a company that is unlocking over $1.2 trillion of digital assets currently held in cryptocurrencies, rewards and loyalty points, gaming assets, and merchant stored value, announced it raised $300 million in funding. Including this round of funding, Bakkt has raised $482.5 million. Including this funding round, Bakkt has now raised more than $482 million.

The $300 million Series B round of funding was provided by Bakkt’s parent company the Intercontinental Exchange (ICE), Microsoft’s venture capital arm M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital, and Pantera Capital.

“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, 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,” said Bakkt chief executive officer Mike Blandina in a blog post. “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.”

The Starbucks mobile app will also soon offer users the option to pay for drinks with “Bakkt Cash.” Through the Starbucks app, select users will be able to select Bakkt Cash as a payment option. Here is a tweet that Bakkt President Adam White wrote: