Announced recently, crypto derivative provider and digital assets platform Bakkt has raised $300 million in Series B round. However, the platform also revealed that it has integrated direct payment options with Starbucks.
Although the crypto market is bleeding terribly, yet, Bakkt as an institutional bitcoin derivatives exchange was able to raise a sizeable round of investment. As per the announcement, investors participated in series B round were, Microsoft M12, PayU, Boston Consulting Group, CMT Digital, Goldfinch Partners and Pantera Capital. With new investment in place, Bakkt will be focusing on encouraging more retail-focused clientele.
Interestingly, Bakkt’s CEO Mike Blandina elaborates his concern as follows;
“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,”
Besides the new funding announcement, Bakkt president Adam White also announced that they have integrated quick and direct payment service on Starbuck’s application. He called out his followers, stating, “open your Starbucks app to see our first direct integration”;
We're also reducing payment costs for merchants which improves their bottom line. Open your @Starbucks app to see our first direct integration and select @Bakkt to sign up for our Early Access Program pic.twitter.com/sZ3YlE0Sj9
— Adam White (@WhiteAdamL) March 16, 2020
Accordingly, Starbucks mobile app users will be able to pay for their drinks via the new option ‘Bakkt Cash’ beside Chase Pay and PayPal. President Adam White further added the customers at present have to sign-up for the Early Access program to leverage the benefit of Bakkt’s new payment integration on the Starbucks mobile app.
Despite the market turmoil, Bakkt ensured that they are expanding their team. Accordingly, it officially noted that Bakkt is a home for 350 employees. Mike Blandina further added;
We have the unique opportunity to leverage the technology, infrastructure, and partners across our businesses to bring innovative new products to the market and in doing so expand access to the global economy.
The platform is also coming up with Bakkt’s new application which will more likely enable users to aggregate their loyalty and reward points. It also notes that the application will be an ultimate spot for managing several features including in-game assets and the conversion of digital assets into cash. As per the announcement, Bakkt will launch the application in the northern summer.