The Intercontinental Exchange (ICE) holding announced its readiness to redeem Bridge2 Solutions, the developer of loyalty programs for sellers and buyers, to expedite the release of the Bakkt application.
According to ICE, after the transaction, Bridge2 Solutions will be transferred to the management of the Bakkt trading platform, a subsidiary of ICE. To this end, Bakkt will use the funds raised in the B-series financing round.
Bridge2 Solutions collaborates with leading global brands and large financial institutions, developing loyalty programs for their customers, as well as incentive programs for employees. By taking advantage of Bridge2 Solutions' ties with various companies, the Bakkt platform will accelerate the development of its custom application, with which investors can pay for purchases with cryptocurrencies around the world.
As the chairman and CEO of ICE, Jeffrey Sprecher, emphasized that after the launch of the custodial service Bakkt Warehouse and the first regulated options and futures for bitcoin, the release of this application will be a key stage in the further development of the platform.
With the launch of the Bakkt app, we will, for the first time, offer consumers a robust platform to consolidate and use all of their digital assets, from crypto to loyalty points to in game tokens, in one user-friendly wallet. Combining Bridge2 Solutions’ embedded relationships with banks and merchants and their innovative Loyalty Pay solution will enable us to launch new products that further drive loyalty and empower consumers to trade, transfer and spend digital assets in entirely new ways.
CEO of Bakkt
ICE management did not disclose the terms of the acquisition of Bridge2 Solutions, but clarified that such a transaction would not have a significant impact on ICE’s net profit or ROI.