Bakkt Gets $300 Million Boost From Microsoft And Pantera To Launch App For Trillion-Dollar Industry
The crypto market is looking a bit promising today with the most important digital assets trading in the green.
At the moment of writing this article, Bitcoin is trading in the green, and the most important digital asset in the crypto space is priced at $5,497.41.
Bakkt reveals a Series B funding round
Despite the market fall that took BTC down by 50% from the 2020 high of more than $10k, Bakkt revealed a Series B funding round.
It’s been reported by the online publication the Daily Hodl that the futures platform was able to raise $300 million from more participants, including its parent company Intercontinental Exchange, Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital and Pantera Capital, according to the latest reports coming from the online publication the Daily Hodl.
You may recall that last year, Bakkt rolled out an end-to-end regulated market for Bitcoin, and also an institutional custody offering, after the launch of its physically-backed Bitcoin futures, says the same online publication.
Bakkt is focused on consumer products and services to push crypto into the mainstream
Bakkt is now focusing on consumer products and services to push digital assets into the mainstream.
It’s been also reported that the users will be able to convert a wide variety of digital assets into cash in roder to make rewards points, in-game assets, merchant stored value, and cryptos more accessible and easy to spend.
In other words, this will boost the mainstream adoption of digital assets.
Bakkt notes that these assets represent $1 trillion in consumer spending power.
“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,” Bakkt notes as cited by the online publication the Daily Hodl.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.