The Strategist

Intercontinental Exchange to float its cryptocurrency division


01/13/2021 - 02:39



Bakkt Holdings LLC, the digital asset storage and trading platform launched in 2018 by Intercontinental Exchange (ICE), will become a public company.



QuoteInspector.com
QuoteInspector.com
According to a press release from Bakkt, it will do so by merging with VPC Impact Acquisition Holdings, a special purpose acquisition company (SPAC) that is already listed on NASDAQ. 

The new company will be named Bakkt Holdings Inc., will be listed on the New York Stock Exchange, and will have a market value of $2.1 billion.

Bakkt was launched two years ago by ICE CEO Jeffrey Sprecher and his wife, who led the startup. Initially, the company specialised in cryptocurrency futures and options, which were gaining popularity at the time. 

However, Bakkt was unable to beat the competition in this market and eventually decided to reinvent itself: last year it launched its own digital wallet, which can store not only cryptocurrencies but also any digital assets, including points from customer loyalty programmes or accumulated airline miles. 

Bakkt currently supports 30 loyalty programme sponsors and more than 200 gift card merchants. In addition, the company has struck a deal with Starbucks that allows users of the coffee chain to top up their visitor cards through Bakkt Cash's payment system.

According to Crunchbase, Bakkt has raised $482.5 million in private equity so far. The company will raise a further $532 million in cash as a result of its IPO.

source: crunchbase.com




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